- The cryptocurrency market is poised for a significant shake-up as substantial token releases are expected next week.
- Six cryptocurrencies, including AGIX coin, are bracing for increased supply pressure due to these anticipated token unlocks.
- This scheduled release of locked tokens could markedly influence supply-demand dynamics, often viewed as a potential bearish signal.
Stay informed about critical developments in the crypto market with our in-depth analysis on upcoming token unlock events.
Massive $45 Million Token Unlock Approaches
According to data from Token Unlocks, a total of $45.72 million worth of token releases is anticipated in the coming week. This significant event will impact several cryptocurrencies, including AltLayer (ALT), Yield Guild Games (YGG), Ethena (ENA), SingularityNET (AGIX), Acala (ACA), and 1inch (1INCH). Here is an in-depth look at how these unlocks might influence the respective markets.
AltLayer (ALT) Set for Major Supply Increase
On June 25, AltLayer will see the release of 105.21 million ALT tokens, valued at approximately $20.03 million. This unlock represents 6.92% of its circulating supply, suggesting a substantial risk of price depreciation. Currently priced at $0.1903 per token, ALT has already experienced a 4.15% drop in the last 24 hours.
Expansion in Circulating Supply for YGG and ENA
Yield Guild Games (YGG) will face a significant token release on June 27, with 16.69 million tokens worth $10.67 million set to be unlocked. This comprises 4.48% of its circulating supply, posing a serious risk to its price stability. YGG’s price today stands at $0.6387, down by 0.44% in the last 24 hours. Similarly, Ethena (ENA) will encounter an unlock on June 23, releasing 14.89 million tokens valued at $8.88 million, affecting 0.87% of its circulating supply. ENA has witnessed a 2.71% decline, now trading at $0.5956.
Upcoming Unlocks for AGIX, ACA, and 1INCH
SingularityNET (AGIX), poised for a merger with the upcoming “ASI” token, will see an unlock of 8.57 million tokens worth $5.51 million on June 28. These tokens equate to 0.67% of its circulating supply, potentially impacting its price, which rose by 0.55% yesterday to $0.6476. Meanwhile, Acala (ACA) will release 4.66 million tokens on June 25, valued at $328,520, representing 0.46% of the circulating supply. ACA’s price has dropped by 2.99%, currently at $0.07021. Lastly, 1inch (1INCH) will unlock a smaller tranche worth $25,800 on June 27, reflecting just 0.01% of its supply. Nevertheless, 1inch has shown a monthly downtrend, indicating heightened risk of further depreciation.
Conclusion
As the crypto market braces for these sizeable token unlocks, investors need to stay vigilant. The release of large quantities of tokens into circulation can imbalance supply-demand dynamics, frequently leading to downward price pressure. Staying informed and strategically navigating these developments is crucial for maintaining a solid investment stance.
