Altcoin

6 Cryptos To Stay Cautious Of As $177M Token Unlocks Approach

Published

10 months ago

July 6, 2024

Coin2049 Newsletter

The latest update from the Token Unlocks App has sent shockwaves across the dynamic world of cryptos. Notably, the prices of 6 altcoins brace for a substantial turbulent movement ahead. This is primarily attributable to $177 million worth of looming token releases, staging as a bearish market factor.

Here’s an in-depth report on these upcoming token unlocks and why their future implications remain negative.

$177M Worth Crypto Unlocks Ignite Investor Concerns

Notably, the $177 million worth of unlocks encompasses cryptos such as Aptos (APT), Xai (XAI), Immutable (IMX), Ethena (ENA), io.net (IO), and Hashflow (HFT). These token unlocks mainly stage as a bearish factor, as previously locked tokens are released into the market, thereby increasing the supply.

Reportedly, unlocking more or equivalent to 1% of the circulation supply significantly impacts a crypto’s price action. Let’s delve deeper.

Aptos (APT)

As per data from the Token Unlocks app, Aptos is to witness a cliff unlock of 11.31 million APT on July 12. This equals 2.49% of the circulating supply, worth $63.33 million.

APT price rested at $5.59 today, up 4.02% over the past day. Its 24-hour bottoms and tops were $5.39 and $5.74, respectively.

Xai (XAI)

Xai token prepares to face an unlock of a whopping 198.40 million XAI on July 9. This is equivalent to 71.59% of the total circulating supply, worth $56.55 million.

XAI price traded at $0.2835, down 0.83% despite the broader uptrend. Its 24-hour lows and tops were $0.2738 and $0.2986, respectively.

It’s worth noting that XAI’s token unlock process is currently at 12%, hinting future turbulency might be possible.

Immutable (IMX)

Simultaneously, the Immutable crypto will witness an unlock of 32.47 million IMX on July 12. This totals 2.15% of the token’s circulating supply, worth $40.59 million, posing a threat to the price.

IMX’s price stood at $1.26 today, an upswing of 4.33%. The coin’s daily bottoms and peaks were $1.20 and $1.32, respectively.

Also, data indicated that 76% of the unlock process had been completed for the crypto.

io.net (IO)

Similarly, io.net is set to experience an unlock of 2.87 million IO on July 11. The amount of the unlock is equivalent to 3.02% of the circulating supply, worth $5.98 million.

IO traded at $2.08, up 0.09% at press time. The crypto’s 24-hour lows and peaks were $2.06 and $2.21, respectively.

Also Read: Ethereum Outflows Climb To $60.7 Million As Institutional Investors Continue To Favor Bitcoin And Solana

Hashflow (HFT)

Hashflow readies to take the heat of an unlock of 13.85 million HFT on July 7. This unlock equals 3.28% of the circulating supply, worth $2.41 million.

HFT traded at $0.1742, an 11.38% upswing over the past day. Its 24-hour lows and tops were $0.1568 and $0.176, respectively.

Ethena (ENA)

At last, although not 1%, the Ethena crypto will witness an unlock of 14.89 million ENA, worth 0.87% of the circulating supply on July 7. This could bring slight volatility in price.

Intriguingly, CoinGape Media previously spotlighted massive token unlocks of specific cryptos, and this week saw a plunge in those cryptos’ prices. Market participants should try steering clear of trading these tokens in the upcoming week.

Also Read: Grayscale Removes Polygon (MATIC) And Retains These Crypto Assets In Funds