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8 Cryptocurrencies To Avoid Trading This Week As Token Unlocks Loom

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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.

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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.

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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.

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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.

Also Read: Australia Spot Bitcoin ETF To Start Trading On ASX Stock Exchange

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CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.

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