- Traders and investors should beware of certain cryptocurrencies due to potential price dips stemming from token unlocks this week.
- Token unlocks can dramatically alter supply, often leading to bearish market implications.
- Key affected cryptocurrencies include AltLayer, Ethena, and more.
Discover which cryptocurrencies might experience significant price drops this week due to token unlocks and why traders should proceed with caution.
Key Cryptocurrencies Facing Token Unlocks
In the ever-turbulent world of cryptocurrency, several tokens are bracing for notable price shifts due to upcoming token unlock events. Token unlocks, which involve the scheduled release of a substantial number of tokens into the market, often result in increased supply that can sharply move market dynamics. Consequently, traders are advised to carefully consider their positions in certain cryptocurrencies in the coming week.
AltLayer (ALT) Awaits Major Unlock
AltLayer (ALT) is on the cusp of releasing 105.21 million ALT tokens, valued at approximately $20.03 million, on June 25. This unlock constitutes 6.92% of the current circulating supply, posing a considerable risk of downward price pressure. The ALT token currently trades at $0.1903, having declined 4.15% in the past day.
Yield Guild Games (YGG) Token Release
Yield Guild Games (YGG) is set to unlock 16.69 million tokens, valued at $1067 million, on June 27. With this amount representing 4.48% of the token’s total supply, the event is likely to influence its market price significantly. As of the latest data, YGG is trading at $0.6387, down 0.44% from the previous day.
Ethena (ENA) Faces Unlock Event
Ethena (ENA) is scheduled for a token unlock on June 23, with 14.89 million coins, worth $8.88 million, set to enter the market. This affects 0.87% of ENA’s circulating supply, suggesting potential volatility ahead. The current price of ENA stands at $0.5956, a 2.71% decrease from the previous day.
SingularityNET (AGIX) and its Upcoming Unlock
SingularityNET (AGIX) will undergo a significant token unlock on June 28, releasing 8.57 million tokens valued at $5.51 million into the market. This represents 0.67% of AGIX’s circulating supply, adding potential pressure to its price. The token traded at $0.6476, marking a slight 0.55% increase from the prior day.
Acala (ACA) Token Unlock Details
Acala (ACA) will face a token unlock of 4.66 million tokens, equating to $328.52K, on June 25. This unlock comprises 0.46% of the total circulating supply, which might result in noticeable market fluctuations. ACA’s current price is $0.07021, having dropped 2.99% in the past 24 hours.
1inch (1INCH) to Unlock Later This Week
1inch (1INCH) is set for a smaller token release, with 64.28K tokens worth $25.80K scheduled to be unlocked on June 27. Though the percentage is minor at 0.01% of the circulating supply, the token’s price chart shows a consistent downward trend. Currently, the market factors may push it further down.
Conclusion
Token unlocks can significantly impact the supply-demand balance in cryptocurrency markets, often leaning towards a bearish outlook. Traders and investors should exercise caution, particularly with AltLayer, Yield Guild Games, Ethena, SingularityNET, Acala, and 1inch, as these tokens are poised to see increased market supply and potential price drops in the coming week.
