- Token unlocks are expected to heavily influence cryptocurrency prices by increasing market supply.
- Eight cryptocurrencies are identified to experience significant token unlock events soon.
- Cryptos have historically seen bearish price actions when token unlocks exceed 1% of the circulating supply.
Discover how upcoming token unlocks could shape the future of major cryptocurrencies. Learn which tokens are on the brink of potential price shifts.
Arbitrum (ARB) to Release Millions in Tokens
Arbitrum (ARB), currently trading at $0.9227 and having dropped 2.99% in the past day, is set to release $86.23 million worth of tokens. According to the Token Unlocks App, 96.13 million ARB tokens, constituting 3.32% of the circulating supply, will be unlocked on June 16. This substantial unlock has led to predictions of a potential downward price trend for ARB.
Space ID (ID): A Significant Unlock Event
Space ID (ID), trading at $0.5654 and witnessing a 4.15% decrease, is positioned for a major token unlock of 78.49 million ID on June 22. This unlock, valued at $44.37 million and making up 18.23% of the circulating supply, raises concerns about possible adverse price movements.
Pixels (PIXEL) Aims for Major Release
Pixels (PIXEL) has seen a 3.84% decline to $0.3621, with an impending token unlock valued at $19.65 million. Scheduled for June 19, the event will unlock 54.38 million PIXEL tokens, representing 7.05% of the circulating supply.
ApeCoin (APE) Investors on Guard
Trading at $1.05, ApeCoin (APE) has decreased by 2.78%. It is preparing for a $16.35 million token unlock on June 17, corresponding to 15.60 million APE coins or 2.48% of the circulating supply. Market participants are closely watching APE for potential price changes post-unlock.
Manta Network (MANTA): Anticipating Market Reaction
Manta Network (MANTA) is experiencing a sharp decline of 8.49%, now trading at $1.27. It is set for a $10.8 million token unlock on June 18, which includes 7.87 million MANTA tokens or 2.42% of the circulating supply.
Render (RNDR) Prepares for Token Unlock
Render (RNDR) has fallen 2.56% to $8.05. The token is set to unlock $6.12 million worth of tokens on June 16. A total of 760.57K RNDR, making up 0.20% of the circulating supply, will be unlocked, prompting investor vigilance.
NYM Coin Eyes Upcoming Unlock
NYM Coin is trading at $0.1366, having dropped 1.58%. An unlock of 2.96 million NYM coins, worth 0.37% of the supply, is scheduled for June 17.
Euler (EUL) Token Unlock to Test Market
Euler (EUL) is gearing up for an 88.98K coin unlock on June 19, valued at $386.16K. This represents 0.48% of the circulating supply, and analysts are keenly observing for potential market impacts.
Conclusion
The impending token unlocks across these cryptocurrencies are poised to influence market dynamics significantly. Historical data suggests that unlocks surpassing 1% of circulating supplies can result in bearish price actions, making it crucial for traders and investors to monitor these events closely.
