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.
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.
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.
While predictions for Cardano to $1 may seem like a far cry, a cryptocurrency expert has injected new life into the claims. Cardano’s price is headed below 50 cents in search of a new support zone that can serve as a springboard to reach new highs.
Cardano Price Can Still Clinch $1 Despite Price Slump
Market technician Jonathan Carter in an analysis on X predicts that Cardano’s price can reclaim the $1 price point in the coming months. According to Carter, the recent ADA correction will not be a hindrance for Cardano’s price to reach $1.
ADA has lost a jarring 13% over the last week and trades at $0.64 in an unremarkable week for the cryptocurrency. On the daily charts, prices have generally moved sideways, underscoring a lack of investor enthusiasm.
For Carter, Cardano’s recent decline has seen it fail to stay above the $0.65 support level. The analyst opined that a downtrend is the offing for the Cardano price that could see a new support zone of $0.59. Carter says the new $0.59 support zone will hurl Cardano price to reach $1.
“Despite the long correction, the price still has a chance to bounce off this support and rise towards $1,” said Carter. “Otherwise, we will fall to the lower border of the broadening wedge.”
While some investors are eyeing an ADA bounce to $0.70, a plausible play will be a slump below $0.60 before the start of a rally.
A Slew Of Positives For ADA
Despite the pervading negative sentiment around ADA price, the cryptocurrency has a wave of positive fundamentals going for it. Cardano price spiked following Charles Hoskinson’s confirmation of Ripple’s RLUSD on ADA.
Furthermore, Charles Hoskinson reveals that Cardano will play a major role in Bitcoin decentralized finance (DeFi) application. In more positive technicals, Cardano price is forming a cyclical pattern from 2024 that can send prices to astronomical proportions in May.
While the prediction pegged prices at $2.5, optimists say ADA price to $10 is not a crazy hypothesis. The report cites present solid fundamentals and ADA’s over 1,000% spike to set its all-time high back in 2021 as pointers for the seismic rally to $10.
Aliyu Pokima
Aliyu Pokima is a seasoned cryptocurrency and emerging technologies journalist with a knack for covering needle-moving stories in the space. Aliyu delivers breaking news stories, regulatory updates, and insightful analysis with depth and precision. When he’s not poring over charts or following leads, Aliyu enjoys playing the bass guitar, lifting weights and running marathons.
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.
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.
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