Upcoming Token Unlocks: Why You Should Steer Clear of ID Coin and These 7 Cryptos Next Week

  • The crypto market is on the brink of a significant paradigm shift as various tokens are set for notable unlocks in the coming days.
  • The process of token unlocks typically refers to the release of previously locked tokens into circulation, potentially leading to increased supply and price volatility.
  • Overall, $182.20 million worth of tokens is expected to be released next week, impacting eight notable cryptocurrencies, including ID coin.

Anticipate Major Token Unlocks Impacting the Crypto Market Next Week

Upcoming Token Unlocks and Potential Market Implications

In the forthcoming week, several cryptocurrencies are slated for substantial token unlocks, a phenomenon where previously restricted tokens become available for trade. This influx can disrupt supply and demand dynamics, often leading to price fluctuations. Significant attention is on the ID coin, alongside seven other cryptos poised for potential market shifts.

Arbitrum (ARB): Potential Price Decline Ahead

Arbitrum, currently trading at $0.9227, has experienced a 2.99% decline in the past 24 hours. With an impending token unlock scheduled for June 16, worth $86.23 million, equating to 96.13 million ARB or 3.32% of its circulating supply, analysts predict a potential drop in its market value.

Space ID (ID): Significant Unlock on the Horizon

Space ID is trading at $0.5654, having dropped by 4.15% over the last 24 hours. A major token unlock is set for June 22, comprising 78.49 million ID tokens, valued at $44.37 million, or 18.23% of its circulating supply. This unlock could precipitate a further decline in its price if supply outweighs demand.

Pixels (PIXEL): Prepare for Market Shifts

Pixels, currently trading at $0.3621 with a 3.84% slump today, will witness a token unlock valued at $19.65 million on June 19. This release, representing 7.05% of its circulating supply (54.38 million PIXEL), may induce further price erosion.

ApeCoin (APE): Anticipated Price Movement

Trading at $1.05 after a 2.78% decrease, ApeCoin expects a token unlock on June 17, valued at $16.35 million (15.60 million APE), which accounts for 2.48% of its circulating supply. This event could trigger additional volatility as investors react to the increased supply.

Manta Network (MANTA): Upcoming Token Release

Manta Network, whose price has fallen by 8.49% to $1.27 in the last 24 hours, will see a token unlock valued at $10.8 million on June 18. This release represents 7.87 million MANTA tokens or 2.42% of the circulating supply, possibly leading to heightened market activity.

Render (RNDR): Market Impact of Token Unlock

Render is trading at $8.05 following a 2.56% dip, with a token unlock planned for June 16 worth $6.12 million, which will see 760.57K RNDR (0.20% of its circulating supply) enter the market. Investors should brace for potential market adjustments.

NYM Coin: Approaching Unlock

NYM Coin, currently down 1.58% and trading at $0.1366, faces a token unlock on June 17. This unlock will release 2.96 million NYM tokens, valued at 0.37% of the circulating supply, potentially impacting its market dynamics.

Euler (EUL): Upcoming Market Changes

Euler’s token EUL, priced at $386.16K, will see an unlock on June 19, which will release 88.98K coins, or 0.48% of the circulating supply. Investors are advised to monitor this closely for its potential market impact.

Conclusion

Next week’s token unlocks are poised to introduce significant volatility across multiple cryptocurrencies. Investors should stay vigilant, adapt their strategies accordingly, and possibly anticipate further price drops in affected tokens. Keeping abreast of these developments is crucial for informed trading decisions.

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