Altcoin
Altcoins Traders Brace For Over $350 Million Token Unlocks
Altcoins have garnered significant investor attention amid the notable crypto market gains witnessed recently. However, massive token unlocks looming over the crypto horizon have raised severe market concerns about the future prices of specific cryptocurrencies.
Token unlock refers to the timely release of previously locked cryptocurrencies into the market. This phenomenon primarily offers a supply increase to the asset, staging as a potential bearish factor.
Twenty-one altcoins are collectively poised to face the heat of over $350 million worth of token unlocks looming above the upcoming week. Here’s a brief report on these unlocks and their market implications.
Altcoins Ready For Massive Token Unlocks
For context, as prices face risk due to a supply increase, crypto market traders and investors might want to liquidate their holdings before these unlocks happen. This could bring further selling pressure to these coins, solidifying their bearish market stance when coupled with the token unlocks. Below are 21 coins that are to face this phenomenon.
Yield Guild Games (YGG)
Currently trading at $0.4838, up 4.41% over the past day, the YGG token is set to witness a cliff unlock of 14.08 million coins, worth $6.78 million. This unlock totals 3.73% of the total circulating supply, posing a significant threat to price. As per data from the Token Unlocks App, the mentioned unlock is set to take place today, July 27, at 2 PM UTC.
The unlock remains much eyed by crypto market participants, as the release of equal or more than 1% of the circulating supply can negatively impact the market dynamics.
Forta (FORT)
Meanwhile, the FORT token is preparing for the release of 50K coins, worth $8.51K, into the market on July 28. This unlock equals a slight 0.01% of the circulating supply.
FORT price traded at $0.170 today, up 1.90% in the past 24 hours. Its daily bottoms and peaks were recorded as $0.1646 and $0.1716, respectively.
SingularityNET (AGIX)
The AGIX crypto prepares for a token unlock of 8.45 million coins, worth $4.68 million, on July 28. This unlock is equivalent to 1.35% of the coin’s total circulating supply.
AGIX price rested at $0.5614, down 0.84% in the past 24 hours. Its daily lows and tops were recorded as $0.5465 and $0.6589, respectively.
Ethena (ENA)
Simultaneously, the ENA crypto prepares to face the unlock of 14.89 million coins, worth $6.81 million, on July 28. This unlock totals 0.87% of the crypto’s circulating supply.
ENA price traded at $0.4567, an increase of 3.46% over the past day. Ethena’s 24-hour bottoms and tops were $0.4359 and $0.4725, respectively.
Portal (PORTAL)
The PORTAL crypto prepares for a linear unlock of 860.44K coins per day for three days starting July 29. This is equivalent to 0.51% of the token’s circulating supply.
Portal price traded at $0.3964 today, up 7.54% in the past 24 hours. Its 24-hour lows and peaks were recorded as $0.3667 and $0.4004, respectively.
Tornado Cash (TORN)
The TORN crypto is all set to experience an unlock of 91.67K coins, equal to 2.41% of the circulating supply, on July 30. The value of this unlock totals $216.33K.
TORN price traded at $2.37 today, down 0.59% in the past 24 hours. Its 24-hour lows and peaks were $2.37 and $2.44, respectively.
Echelon Prime (PRIME)
The Echelon Prime coin will face an unlock of 750K PRIME, worth $5.40 million, on July 31. This is equivalent to 1.75% of the circulating supply.
PRIME price traded at $7.40, down 1.20% over the past day.
Optimism (OP)
The altcoin OP readies for an unlock of 31.34 million coins, worth $52.97 million, on July 31. This equals 2.79% of the coin’s circulating supply.
OP price traded at $1.74, an upswing of 0.58% over the past day.
Pendle (PENDLE)
Meanwhile, a linear unlock of 34.48K PENDLE per day for seven days is set to start on July 31 for the Pendle crypto. Whereas, PENDLE price traded at $3.94, up 0.26% over the past day.
Manta Network (MANTA)
Simultaneously, the MANTA token prepares for an unlock of 1.87 million coins on July 31. This is equal to 0.50% of the coin’s circulating supply, worth $1.69 million.
MANTA price traded at $0.997, an upsurge of 4.41% over the past day.
dydx
The DYDX crypto is set to face an unlock of 8.33 million coins on August 1. This is equivalent to 3.65% of the crypto’s circulating supply, worth $10.25 million.
DYDX price traded at $1.30, up 1.56% over the past day.
Helium (HNT) & GMT
Simultaneously, the HNT and GMT altcoins are set to witness linear unlocks. GMT will experience an unlock of 2.85 million coins per day for 31 days starting August 1. On the other hand, HNT will witness an unlock of 41.10K HNT per day for the next 365 days beginning August 1.
GMT price traded at $0.153, up 3.55%, while HNT price traded at $5.37, a gain of 3.67% over the past day.
Akash Network (AKT)
Simultaneously, the AKT crypto prepares for the linear unlock of 70.29K coins per day for the next 31 days starting August 1. The unlock is worth $218.61K per day.
AKT price traded at $3.28, up 3.14% from yesterday.
ZetaChain (ZETA)
The ZETA token is set to experience the unlock of 53.89 million coins, worth 18.92% of the circulating supply, on August 1. This unlock weighs down equivalent to $33.17 million.
ZETA price traded at $0.648, an upswing of 3.13% over the past day.
Cloud (CLOUD)
The Cloud token will face a linear unlock of 138.89K coins per day for 166 days starting August 1. The unlocks will be worth $38.73K per day.
CLOUD price traded at $0.289, an upswing of 1.75% from yesterday.
Euler (EUL)
The token EUL is to witness a cliff unlock of 49.56K coins on August 1. This unlock equals 0.27% of the coin’s circulating supply, worth $220.06k.
The EUL price traded at $4.53, a decrease of 3.60% over the past day.
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Sui (SUI)
Simultaneously, the Sui crypto readies for a cliff unlock of 64.19 million SUI as of August 1. This unlock totals 2.56% of the coin’s circulating supply, worth $48.08 million
SUI price traded at $0.779, an increase of 1.02% over the past day.
Galxe (GAL)
The Galxe coin readies to take the heat of a cliff unlock of 4.17 million GAL as of August 2. This totals 3.52% of the coin’s circulating supply, worth $13.56 million.
GAL price traded at $3.19, a slight 0.31% fall over the past day.
Wormhole (W)
The Wormhole crypto will experience the cliff unlock of a staggering 600 million coins as of August 3. This is equivalent to 33.33% of altcoin’s circulating supply, worth $167.85 million.
W price traded at $0.300, an upswing of 4.59% from yesterday.
Liquity (LQTY)
Lastly, the LQTY token will face an unlock of 489.01k coins on August 4. This totals 0.51% of the total circulating supply, worth $375.07K.
LQTY price traded at $0.796, up 2.29% in the past 24 hours.
Also Read: Mt Gox Bitcoin Creditors Face Withdrawal Restriction On Bitstamp
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Crypto analyst CasiTrades has provided a roadmap for the XRP price, revealing what could happen before the altcoin reaches a new all-time high (ATH). Based on her analysis, XRP could still witness a price decline before it potentially rallies past its current ATH of $3.4.
XRP Price Could Drop To $1.9 Before Rally To New Highs
In an X post, CasiTrades stated that in the event of a deeper flush, the XRP price could wick down to $1.90, suggesting that the altcoin could visit this low before it rallies to new highs. She believes XRP will ideally hold above this $1.90 and avoid dropping to new lows.
The crypto expert noted that the next move is critical. She claimed that if XRP gets that flush with bullish RSI divergence, it could mark the bottom before the altcoin rockets into Wave 3. However, CasiTrades warned that a break below $1.90 could force a reset of the entire new trend count.
Meanwhile, there is still the possibility that the XRP price might not drop to as low as $1.90. CasiTrades stated that $1.95 is the prime target, with subwaves heavily aligning there and a drop to $1.90 only likely to occur in the event of a deeper flush.
It is worth mentioning that US President Donald Trump recently announced reciprocal tariffs on all countries, a move which is set to ignite a global trade war and is bearish for XRP and the broader crypto market. As such, this development could be what sparks the deeper flush and send the altcoin to as low as $1.90.
A Drop To $1.4 Is Also The Cards
In an X post, crypto analyst Brandon asserted that the XRP price is about to have a massive breakout, to the downside. His accompanying chart showed that XRP could drop to as low as $1.4.
On the other hand, crypto analysts such as Ali Martinez have provided a bullish outlook for the XRP price. In an X post, he stated that XRP could be setting up for a rebound. The analyst further remarked that the altcoin is holding above $2 while the TD Sequential flashes a buy signal.
Crypto analyst Javon Marks also recently predicted that Ripple’s coin could surge 44x and reach as high as $99. He alluded to the 2017 bull run as the reason why he is confident that the altcoin could record such a parabolic rally.
Boluwatife Adeyemi
Boluwatife Adeyemi is a well-experienced crypto news writer and editor who has covered topics that cut across several topics and niches. Boluwatife has a knack for simplifying the most technical concepts and making it easy for crypto newbies to understand. Away from writing, He is an avid basketball lover, a traveler and a part-time degen.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Shiba Inu price is on a strong bearish trend, with price indicators recording losses in all time frames. The highly popular meme token now threatens to add an additional zero to its value if the current bear run continues for much longer. Even with Shibarium, SHIB’s layer-2, reaching the milestone of 1 billion transactions recently, the token’s price has not responded positively to this milestone.
Falling Shiba Inu Price Affects Holder Profitability
According to current data, SHIB is down 4.6% in the past 24 hours, 14.7% over seven days and a substantial 54.9% over the past year.
The current context for the SHIB price appears tough for the majority of investors. Based on on-chain analytics, 62% of SHIB investors are at the moment in a loss, while merely 34% are in profit and 4% are breaking even as per IntoTheBlock data.
SHIB has fallen 85.9% from its all-time high of $0.00008616 on October 28, 2021, over three years ago. This extended period of decline has made many of the investors who bought during the bull run in 2021 underwater on their holdings.
The token reflects a high ownership concentration with 74% of SHIB owned by major holders. The concentration may be behind price volatility. This is due to the fact that the moves by the large holders tend to have disproportionate impacts on the market. Major volume trading in the last week has hit $184.02 million which indicates sustained activity even as the price goes down.
Shibarium Milestone Fails To Reverse Trend
Despite Shiba Inu’s layer-2 scaling solution, Shibarium recently achieved a major milestone of 1 billion transactions. However, this accomplishment has not translated into positive price action for SHIB. This disconnect between ecosystem development and token price shows the current market’s focus on overall trends rather than project-specific achievements.
Shibarium is a key component of the Shiba Inu ecosystem that focuses on reducing transaction fees, increasing processing speed, and enabling more advanced applications within the SHIB ecosystem.
The continued negative price action despite reaching such a substantial transaction milestone raises questions about what catalysts might eventually reverse SHIB’s downward trend.
Will Shiba Inu Token Burns Aid In Price Pump?
The Shiba Inu community has historically highlighted token burns as one possible method of driving scarcity and price support. Recent burn behavior has been spotty and inadequate to have any real effect on the enormous Shiba Inu token supply.
After a recent spike in burn rate of more than 12,000%, the last 24 hours have seen the burn rate decline by 60%. During this period, only 37.6 million SHIB tokens were removed from circulation as per Shibburn data.
Token burns continue to be a mainstay narrative among the SHIB community. However, the volume of burning has to rise in order to have an effect on the token’s supply that can be measured. The 17.88% hike in trading volume in the last 24 hours to $311.14 million gives some indications of market action. This potentially could be being driven by the larger holders stockpiling at lower prices.
Vignesh
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Over time, Ethereum, the second-largest crypto asset and largest altcoin, has often spearheaded an Altcoin Season due to its significant performance after the market shifts from a Bitcoin season to an altcoin season in each bull market cycle. In spite of this waning performance of the king of alts, an altcoin season is still likely to occur in the near term.
Is An Altcoin Season On The Horizon?
With the heightened volatility and BTC’s robust market dominance, the possibility of an Altcoin Season happening in this cycle is looking slim. However, an on-chain expert and the CEO of Alphractal Joao Wedson believes that this sustained Bitcoin’s dominance could be laying the groundwork for a huge altseason in the foreseeable future. Historically, altcoin seasons have followed periods of Bitcoin dominance.
Joao Wedson highlighted that Ethereum’s waning performance has strangled other alts in the ongoing market cycle, but an altcoin season “is just a matter of time.” With the alt market struggling to gain dominance and ETH facing headwinds, traders hope for a shift that might spur renewed gains across the altcoin sector.
In the X post, Wedson delved into altcoin market dominance with Ethereum, revealing an interesting trend. According to the expert, altcoin dominance is declining, while altcoin dominance excluding Ethereum and Stablecoins has remained sideways and in a neutral zone since late 2022.
This development implies that Bitcoin has drained most of Ethereum’s market capitalization. Presently, Bitcoin’s dominance has increased to 62%, and BTC and Stablecoin’s dominance has risen to nearly 71%. Meanwhile, Ethereum and all other alts dominate only 29% of the general market.
Bitcoin and Stablecoin‘s market dominance may seem like a threat to the upcoming altcoin season. However, the interesting part is that the higher the BTC and Stablecoin dominance rise, the more robust the next altcoin season will be, which Wedson claims is only a matter of time away.
BTC And Stablecoins Stealing The Spotlight
Daan Crypto Trades, a technical expert and trader, has also shared insights on the subject, highlighting that the altcoin market cap has declined sharply, leading to a drop in altcoins’ dominance. Although it was on track for a while, the steady growth of Bitcoin and Stablecoins has put the alt dominance under serious pressure within the crypto market.
Given the dilution amongst them, individual alts have performed horribly. Thus, for altcoins to regain dominance over Bitcoin, Stablecoins, and other major assets, the ETH/BTC pair needs to gather some momentum first.
Daan Crypto Trades claims Ethereum often plays a massive role in getting a wider altcoin performance. This is because many liquidity pools are denominated in ETH, and most coins are developed on it. Therefore, for altcoins to run, this wealth effect for ETH and majors is essential.
Until this is the case, the analyst urges investors not to get into the market. Even though alt rallies are usually brief, there is frequently a high timeframe retest. Once it is evident that the trend is changing, Daan Crypto Trades believes this is the ideal time to get involved in the action.
Featured image from Unsplash, chart from Tradingview.com
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