Altcoin

Altcoins Traders Brace For Over $350 Million Token Unlocks

Published

6 months ago

July 27, 2024

Coin2049 Newsletter

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.

Also Read: Peter Schiff Blasts RFK Jr’s Bitcoin Buy Plan As ‘Vote-Buying’ Strategy

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.