Altcoin

6 Cryptos To Duck Trading This Week As Price Risks Fall

Published

5 months ago

June 22, 2024

Coin2049 Newsletter

The ever-evolving world of cryptocurrencies appears to be bracing for yet another seismic shift in the prices of certain tokens. As massive token unlocks loom over the horizon, 6 cryptos prepare to take the heat of increased market supply in the coming week.

Token unlocks, the periodic release of locked tokens into the market, can significantly impact the supply and demand dynamics. This event, often seen as a potentially bearish signal, is urging traders and investors to exercise caution and avoid trading specific cryptocurrencies. Here’s an overview of 6 cryptos that are about to face massive token unlocks in the coming days.

$45M Worth Token Unlocks Approaches

According to the data revealed by the Token Unlocks App, $45.72 million worth of cliff unlocks are set to occur over the coming week. The cryptos that will bore the brunt include AltLayer (ALT), Yield Guild Games (YGG), Ethena (ENA), SIngularityNET (AGIX), Acala (ACA), and 1inch (1INCH). So, let’s look at these unlocks that are approaching.

AltLayer (ALT)

As per the data, the AltLayer (ALT) crypto is set to face an unlock of a whopping 105.21 million ALT tokens, worth $20.03 million, on June 25. This totals a significant 6.92% of AltLayer’s circulating supply, signaling that a notable price dip ahead is possible with the unlock.

ALT price traded at $0.1903 today, down 4.15% in the past 24 hours.

Yield Guild Games (YGG)

Meanwhile, YGG will face an unlock of 16.69 million tokens, worth $1067 million, on June 27. The unlock is equivalent to 4.48% of the total circulating supply, posing a significant threat to price.

YGG price traded at 0.6387, a slip of 0.44% over the past day.

Ethena (ENA)

Simultaneously, ENA will encounter an unlock of 14.89 million coins, worth $8.88 million, on June 23. This totals 0.87% of the circulating supply, also emerging as a threat to future price actions.

ENA price tumbled 2.71% from yesterday to $0.5956.

SingularityNET (AGIX)

The AI coin that is set to witness a token merger to become ‘ASI’ will also witness a significant token unlock in the coming week. Notably, 8.57 million tokens, worth $5.51 million, will be unlocked on June 28. The unlock amount equals 0.67% of the circulating supply, a potential threat to price.

Meanwhile, AGIX traded at $0.6476, a slight 0.55% jump from yesterday.

Also Read: XRP Price: Whales Hoard 130M Coins As Ripple Lawsuit Goes To Magistrate Judge, What’s Next?

Acala (ACA)

The Acala crypto is set to experience an unlock of 4.66 million tokens, worth $328.52K, on June 25. This is equivalent to 0.46% of the circulating supply.

ACA traded at $0.07021, down 2.99% in the past 24 hours.

1inch (1INCH)

The 1INCH crypto will face a comparatively smaller 64.28K tokens unlock, worth $25.80K, on June 27. The amount is marginal, totaling 0.01% of the token’s circulating supply.

However, it’s worth noting that the 1inch price chart shows a monthly pullback. Further bearish factors might cause additional price dips.

Meanwhile, it’s worth noting that CoinGape Media earlier reported similar token unlocks over the past week, including Arbitrum (ARB), Space ID (ID), and other tokens. CoinMarketCap’s data shows that ARB plunged nearly 13% over the past week while ID dipped nearly 22% during the same duration.

Also Read: YieldMax Applies For Ether Options ETF Amid Spot Ethereum ETF S-1 Amendments