Major GAL Token Unlock to Impact the Cryptocurrency Market This Week

  • This week, multiple altcoins are set to have significant token unlock events amounting to millions of dollars.
  • According to data from Token Unlocks, altcoins such as LQTY (LQTY), Galxe (GAL), and Pendle (PENDLE) will see unlock events totaling approximately $13 million from June 3rd to June 9th.
  • Token unlocks generally release more than 1% of a token’s circulating supply, often resulting in a visible negative impact on price. Among these, the upcoming unlocks for Galxe (GAL) and Hashflow (HFT) are particularly noteworthy.

Get the latest insights on major token unlocks impacting the crypto market this week. Stay informed with our detailed analysis.

Significant Token Unlocks: LQTY, GAL, and More

Market participants should keep a close eye on several key token unlock events happening this week. Notably, GAL is expected to release tokens worth $7.34 million, affecting 1.76% of its circulating supply. Meanwhile, HFT will see $4.18 million worth of tokens unlocked, impacting 3.41% of its supply.

The Potential Impact on Prices

The circulation of new tokens during unlock events often exerts downward pressure on prices. For instance, GAL’s substantial unlock will likely attract significant attention from traders and investors. Similarly, HFT’s sizable unlock could create volatility in its market, making it another crucial event to monitor.

Detailed Breakdown of Upcoming Token Unlocks

Here are the specifics of the token unlocks scheduled for this week:

  • Liquity (LQTY): $775,000 worth of 657,000 tokens will be unlocked on June 5th at 15:00 UTC, affecting 0.79% of the circulating supply.
  • Galxe (GAL): $7.26 million worth of 2.03 million tokens will be unlocked on June 5th at 15:00 UTC, impacting 8.79% of the circulating supply.
  • Pendle (PENDLE): $229,000 worth of 37,000 tokens will be unlocked throughout the week starting June 5th at 15:00 UTC, affecting 0.17% of the supply.
  • Euler (EUL): $285,000 worth of 60,000 tokens will be unlocked on June 6th at 08:14 UTC, impacting 0.34% of the supply.
  • Hashflow (HFT): $4.01 million worth of 13.62 million tokens will be unlocked on June 7th at 15:00 UTC, impacting 3.36% of the circulating supply.
  • Gmx (GMX): $15,000 worth of 416,000 tokens will be unlocked on June 9th at 15:00 UTC, affecting 0.03% of the supply.
  • 1inch (1INCH): $10,000 worth of 21,000 tokens will be unlocked on June 9th at 11:00 UTC, impacting less than 1% of the circulating supply.

Conclusion

This week’s token unlocks involve several noteworthy altcoins, with the most significant impacts expected for Galxe and Hashflow due to their substantial unlock volumes. Investors and traders should stay vigilant, as these events may create temporary price volatility and present trading opportunities.

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Jocelyn Blake
Jocelyn Blakehttps://en.coinotag.com/
Jocelyn Blake is a 29-year-old writer with a particular interest in NFTs (Non-Fungible Tokens). With a love for exploring the latest trends in the cryptocurrency space, Jocelyn provides valuable insights on the world of NFTs.
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