- The latest update from the Token Unlocks platform has sent ripples through the dynamic cryptocurrency market.
- Notably, six altcoins including Aptos are bracing for significant turbulence in the coming days.
- This situation can largely be attributed to the upcoming token unlocks worth $177 million, a factor that often emerges as a bearish trigger in the market.
Upcoming token unlocks worth $177 million could impact Aptos (APT), Xai (XAI), Immutable (IMX), Ethena (ENA), io.net (IO), and Hashflow (HFT), potentially leading to significant price turbulence.
177 Million Dollar Token Unlock: APT, XAI, IMX, ENA, IO, and HFT
The $177 million unlock encompasses tokens from Aptos (APT), Xai (XAI), Immutable (IMX), Ethena (ENA), io.net (IO), and Hashflow (HFT). These token unlocks could act as a bearish trigger by increasing the circulating supply of the tokens. Notably, any token unlock equating to 1% or more of the circulating supply has the potential to significantly affect the price action of the respective cryptocurrency. Let’s delve deeper into the specifics.
Aptos (APT): July 12 Unlock
According to data from the Token Unlocks platform, Aptos will witness a cliff unlock of 11.31 million APT tokens on July 12, representing 2.49% of its circulating supply and valued at $63.33 million. Currently, APT is trading at $5.59, having increased by 4.02% in the past 24 hours, with a 24-hour low and high of $5.39 and $5.74 respectively.
Xai (XAI): A Massive Upcoming Unlock
Xai is gearing up for a mammoth unlock of 198.40 million XAI tokens on July 9, accounting for 71.59% of its circulating supply and valued at $56.55 million. The token has traded at $0.2835, showing a decrease of 0.83% despite the overall bullish trend. The 24-hour trading range was between $0.2738 and $0.2986. It is noteworthy that the token unlock progress for Xai is currently at 12%, possibly foreshadowing future turbulence.
Immutable (IMX): July 12 Unlock
Immutable will experience an unlock of 32.47 million IMX tokens on July 12, corresponding to 2.15% of its circulating supply and valued at $40.59 million. IMX is trading at $1.26, marking a 4.33% increase, with daily lows and highs recorded at $1.20 and $1.32 respectively. Data indicates that 76% of the token unlock process for Immutable has been completed.
io.net (IO): July 11 Unlock
Similarly, io.net is preparing for an unlock of 2.87 million IO tokens on July 11, which equates to 3.02% of its circulating supply and valued at $5.98 million. IO is currently trading at $2.08, reflecting a slight increase of 0.09%. The 24-hour trading range for IO was between $2.06 and $2.21.
Hashflow (HFT): July Unlock
Hashflow is set to feel the impact of a 13.85 million HFT token unlock on July 7, representing 3.28% of its circulating supply.
Ethena (ENA): Upcoming Unlock
The final token under scrutiny, Ethena, will experience an unlock of 14.89 million ENA tokens on July 7, accounting for 1% of its circulating supply. This could result in slight price volatility.
Conclusion
The insights from Token Unlocks suggest that there could be significant price movements for Aptos (APT), Xai (XAI), Immutable (IMX), io.net (IO), Hashflow (HFT), and Ethena (ENA) in the coming week. Experts advise investors to exercise caution and closely monitor market conditions when trading these tokens. However, the true impact will only unfold with time.
