- The cryptocurrency market is poised for significant changes with the advent of large-scale token unlocks.
- Token unlocks involve the release of previously locked tokens into the market, which can disturb the supply-demand balance and potentially decrease the value of altcoins.
- With increasing token supply, some altcoins could be entering a bearish phase. Here’s a closer look at certain cryptocurrencies like APT that may be impacted next week.
Learn about upcoming token unlocks and their potential impact on various altcoins in our latest crypto news article.
APT Coin Among Cryptos Facing Crucial Week Ahead
According to data from Token Unlocks, seven significant token unlock events are scheduled within the next seven days, collectively releasing $237.46 million worth of cryptocurrencies into the market. These token unlocks could significantly influence altcoins such as:
Aptos (APT)
On June 12, Aptos (APT) will undergo a token unlock for 11.31 million APT tokens, valued at $96.36 million. This release represents 2.58% of the circulating APT supply. Currently, APT’s price has dipped 8% from the previous day, settling at $8.39. As more tokens flood the market, APT’s price might face further downward pressure.
Starknet (STRK)
Starknet (STRK) is poised for a token unlock on June 15, releasing 64 million STRK tokens worth $76.16 million, accounting for 4.92% of the circulating supply. STRK’s price has slumped 11.21% to $1.17, making it less attractive for trading this week.
Immutable (IMX) and Other Cryptos to Watch
Immutable (IMX) is set for a significant token unlock on June 14, releasing 25.53 million tokens worth $53.36 million, equivalent to 1.72% of its circulating supply. The IMX price has already declined by 7.83% to $2.05. The influx of new tokens could further depress its market price.
Other Notable Token Unlocks
CYBER will unlock 886,120 tokens worth approximately $7.47 million on June 14, representing 3.96% of its circulating supply. The price has already decreased by 7.04% to $8.45 over the past 24 hours. In addition, dYdX (DYDX), Moonbeam (GLMR), and 1inch (1INCH) are also scheduled for upcoming token releases, although their impacts may be less pronounced. The recent downward trend across these altcoins reflects broader market movements.
Investment Strategies Amid Market Volatility
Experts advise investors to exercise caution during this period of uncertainty. Avoiding altcoins directly impacted by the token unlocks may be a safer strategy for the upcoming week. It’s crucial to monitor market activities closely to make informed investment decisions.
Conclusion
In conclusion, the impending token unlocks are set to introduce substantial changes in the altcoin market. For investors, this underscores the importance of vigilance and strategic planning to navigate potential market disruptions effectively.
