8 Cryptocurrencies To Avoid Trading This Week As Token Unlocks Loom
Highlights
- Token unlocks bring increased supply pressure to an asset.
- A list of cryptocurrencies that stand strong to take the heat of this event.
- Previously, prices have taken a notable bearish turn with token unlocks equal to more than 1% of the circulation supply.
The dynamic world of cryptocurrencies braces for yet another paradigm shift in prices of specific tokens as massive token unlocks loom over the horizon.
Token unlocks refers to a phenomenon that ensures the release of previously locked tokens into the market, ramping up the supply. This stages as a potentially bearish event, prompting traders to steer clear of trading certain cryptos.
Over the next week, $182.20 million worth of tokens are set to be unlocked. Here’s a brief overview of eight cryptocurrencies poised to take the heat of this event.
Arbitrum (ARB)
Trading at $0.9227, down 2.99% over the past day, ARB remains at the top of the list, poised to witness token unlocks worth $86.23 million. Data from the Token Unlocks App shows that 96.13 million ARB, equivalent to 3.32% of the circulation supply, will be unlocked on June 16. This has caused speculations over a potential waning price trajectory for ARB ahead.
Space ID (ID)
Meanwhile, ID traded at $0.5654, down 4.15% over the past day. The crypto stands firm to experience a token unlock of 78.49 million ID, worth $44.37 million, equivalent to 18.23% of the circulating supply on June 22. This significant unlock could trigger a slumping price action for ID ahead.
Pixels (PIXEL)
The PIXEL crypto witnessed a 3.84% plunge to $0.3621 today, readying for a $19.65 million worth of token unlock. Notably, 54.38 million PIXEL, equal to 7.05% of the circulating supply, will be unlocked on June 19.
ApeCoin (APE)
APE traded at $1.05 today, down 2.78% from yesterday. The token prepares for an unlock of $16.35 million worth of coins, equivalent to 2.48% of the circulating supply. A total of 15.60 million APE will be unlocked on June 17, igniting investor concerns about the token’s future price movements.
Manta Network (MANTA)
MANTA traded at $1.27, correcting 8.49% over the past day. The token prepares for a $10.8 million worth of unlock on June 18. Data suggests that 7.87 million MANTA, worth 2.42% of the circulating supply, will be released in the market.
Render (RNDR)
RNDR experienced a 2.56% fall to $8.05 today. The token readies for a $6.12 million worth of unlock on June 16. 760.57K RNDR coins, equivalent to 0.20% of the circulating supply, will be unlocked on the abovementioned date.
Also Read: Bitcoin Price Struggles At $66K But These 4 Crypto Stocks Shine
NYM Coin
The NYM cryptocurrency declined 1.58% to trade at $0.1366 today. 2.96 million NYM, worth 0.37% of the circulation supply, will be unlocked on June 17.
Euler (EUL)
The EUL token prepares for an 88.98K coins unlock, worth $386.16K, on June 19. 0.48% of the circulating supply will be released into the market.
As seen previously, token unlocks totaling more than 1% of the circulating supply appear to have a significant impact on prices. Crypto market participants continue to eye these tokens for further price action shifts.
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