Altcoin

Altcoins To Dodge Trading As Over $580M Worth Token Unlocks Loom

Published

4 months ago

August 1, 2024

Coin2049 Newsletter

In a riveting turn of events, certain altcoins are readying to take the heat of increased supply in the coming days, primarily attributable to massive token releases. The latest update from the TokenUnlocks App revealed that over $580 million worth of crypto is set to be unlocked into the market this month, raising investor concerns. Below is an overview of these token unlocks and the current price movements of the altcoins set to witness this alarming phenomenon.

10 Altcoins To Face Token Unlocks In August

Token unlock is a phenomenon wherein previously locked tokens are injected into the market, impacting supply dynamics. A notable increase in supply usually fuels bearish market sentiments, urging investors to exercise caution while also urging them to steer clear of trading certain altcoins. Here are ten tokens set to witness massive token unlocks in August, per data by the TokenUnlocks App.

Immutable (IMX)

The Immutable coin will witness an unlock of 32.47 IMX, worth $48.39 million, on August 9. This release is equivalent to 2.11% of the coin’s circulating supply.

Meanwhile, IMX price traded at $1.36, down 4.90% over the past day. It’s 24-hour bottoms and tops were $1.35 and $1.46, respectively.

XAI

The XAI token braces for an unlock of 35.88 million coins, worth $11.39 million, set for August 9. This unlock is equivalent to 6.91% of the total circulating supply.

XAI price traded at $0.2938 today, a dip of 3.15% over the past day. Its 24-hour lows and highs are $0.286 and $0.3093, respectively.

Aptos (APT)

Simultaneously, the cryptocurrency Aptos (APT) readies for an unlock of 11.31 million APT on August 12. This unlock is worth $75.21 million and 2.41% of the circulating supply.

APT price rested at $6.35 today, a 3.03% drop over the past day. The coin’s 24-hour bottoms and peaks were recorded as $6.25 and $6.68, respectively.

The Sandbox (SAND)

Similarly, the SAND coin readies for an unlock of $66.95 million worth of tokens, equivalent to a whopping 205.59 million SAND. This unlock totals 9% of the altcoin’s circulating supply.

SAND price stood at $0.3074 today, illustrating a 5.09% decline in value. Its 24-hour bottoms and tops were $0.3029 and $0.3282, respectively.

Starknet (STRK)

The Starknet coin will witness an unlock of 64 million STRK, worth $31.98 million, as of August 15. This equals 4.38% of the token’s circulating supply.

STRK price traded at $0.4709, a fall of 3.78% over the past day. Its 24-hour lows and peaks were $0.4582 and $0.4997, respectively.

Arbitrum (ARB)

Arbitrum stands firm to experience the unlock of 92.65 million ARB on August 16. This unlock is equivalent to 2.77% of the altcoin’s circulating supply, worth $63.26 million.

ARB price traded at $0.644 today, noting a 4.87% decrease in value. Its 24-hour lows and tops were $0.6383 and $0.6863, respectively.

ApeCoin (APE)

ApeCoin prepares to face the unlock of 15.60 million APE, worth $12.23 million, on August 17. This unlock evaluates to 2.31% of the total circulating supply.

APE price rested at $0.728, a 5.78% fall over the past day. Its 24-hour lows and tops were $0.7252 and $0.7853, respectively.

Oasis Network (ROSE)

The Oasis Network is to face an unlock of 151 million ROSE on August 18. This unlock is equal to $12.57 million, worth 2.24% of the circulating supply.

ROSE price slipped 3.75% over the past day to trade at $0.0783. Its 24-hour bottoms and tops were $0.078 and $0.08344, respectively.

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