- Investors are eyeing the crypto market closely as several altcoins prepare for significant token unlocks this week.
- Six altcoins, including ALT, ID, ENA, YGG, GAL, and ACA, are at the forefront of this event.
- Concerns are rising amidst market participants as these increases in supply may lead to potential negative impacts on market prices.
This crypto news article discusses upcoming token unlocks affecting six altcoins, evaluating potential market impacts and investor concerns.
Altcoins Set for Major Token Unlocks This Week
The upcoming week in the cryptocurrency market is set to be eventful as six altcoins brace for substantial token unlocks, potentially reshaping their market dynamics. Among these, AltLayer (ALT) and Space ID (ID) stand out due to the sheer volume of tokens set to be released. Investors are advised to exercise caution and stay informed.
AltLayer (ALT) to Witness Major Unlock
AltLayer is set to unleash 684.21 million ALT tokens, valued at approximately $111.01 million, on July 25. This constitutes 42.08% of its circulating supply and presents a substantial risk of downward pressure on the token’s price. At the time of reporting, ALT is trading at $0.1619, showing a 5.29% increase over the past day, with a 24-hour range of $0.1572 to $0.1729.
Space ID (ID) Prepares for Unlock
Next in line, Space ID is poised for an unlock of 18.49 million ID tokens, worth around $9.01 million, on July 22. This represents 4.29% of its total circulating supply. With a current trading price of $0.4875, up by 5.70% from the previous day, Space ID’s 24-hour price fluctuations range between $0.4607 and $0.5011.
Ethena (ENA) and Yield Guild Games (YGG) to Follow
Ethena will release 14.89 million ENA tokens, equivalent to $7.32 million or 0.87% of its circulating supply, on July 21. The token currently trades at $0.493, a 6.97% increase over the last 24 hours, exhibiting a price range of $0.4699 to $0.5116.
On July 27, Yield Guild Games will unlock 14.08 million YGG tokens, valued at approximately $7.56 million, making up 3.74% of its circulating supply. The current trading price is $0.5369, with a 24-hour increase of 2.97%, and price swings between $0.5183 and $0.555.
Galxe (GAL) and Acala (ACA) Token Unlocks
Scheduled for July 24, Galxe will unlock 1 million GAL tokens, worth around $3.60 million, comprising 0.85% of its circulating supply. GAL is currently trading at $3.58, reflecting a 5.78% decline over the past day, within a 24-hour window of $3.54 to $3.92.
Acala’s Upcoming Unlock
Lastly, Acala will release 4.66 million ACA tokens on July 25, valued at $340.03k, which is 0.46% of its circulating supply. The ACA token’s current price stands at $0.07291, up 2.53% from the previous day, fluctuating between $0.07132 and $0.0759 over the last 24 hours.
Conclusion
As these significant unlock events unfold, investors should prepare for potential market fluctuations. The increase in supply often leads to price volatility, and staying informed can be crucial for decision-making. While the short-term impacts may raise concerns, the long-term prospects of these projects will hinge on broader market trends and their inherent value propositions.
