Altcoin

Crypto Tokens To Avoid Trading Next Week Amid $213M Token Unlocks

Published

6 months ago

October 5, 2024

Coin2049 Newsletter

The crypto market prepares for an alarming bearish wave as certain altcoins stand primed to face massive token unlocks in the coming week. As per latest data from the Token Unlocks App, Aptos (APT), EigenLayer (EIGEN), Optimism (OP), Neon (NEON), Cardano (ADA), Xai (XAI), Mode (MODE), Ethena (ENA), io.net (IO), Hashflow (HFT), Moonbeam (GLMR), Euler (EUL), Iinch (1INCH), and Forta (FORT) remain poised to face increased supply ahead. This supply surge has raised alarming concerns over the future price action of the abovementioned 14 tokens.

Here’s a brief report on the massive $213 million worth of token unlocks looming over the crypto horizon, per Token Unlocks data, which may bring a sell-off sentiment as traders and investors look to avoid losses.

14 Crypto Set To Witness Token Unlocks Ahead

1. Aptos (APT)

The crypto Aptos is set to face a cliff unlock of 11.31 million APT, worth $101.22 million, on October 11, the coming week. The massive unlock is equivalent to 2.25% of the coin’s circulating supply. This looming supply surge has raised severe concerns among market participants over the future price run of the token. However, APT price today rested at $8.95, up nearly 1% over the past day. Its intraday low and high were recorded as $8.76 and $9.29, respectively.

2. EigenLayer (EIGEN)

The cryptocurrency EigenLayer readies for a cliff unlock of 9.93 million EIGEN, worth $33.67 million, as of October 8. The unlock is equivalent to 5.32% of the coin’s circulating supply, posing a risk to the price. Meanwhile, EIGEN price today traded at $3.39, down 0.59% in the past 24 hours. The coin’s intraday low and high were $3.32 and $3.70, respectively.

3. Optimism (OP)

Optimism prepares for an unlock of 12.47 million OP, worth $20.33 million, as of October 10. This unlock is equal to 0.99% of the coin’s circulating supply. OP price today traded at $1.62, up over 4% in the past 24 hours. The coin’s intraday low and high were recorded as $1.54 and $1.63, respectively.

4. Neon (NEON)

Simultaneously, data indicated that the crypto Neon is readying for an unlock of 53.91 million NEON, worth $19.66 million, on October 7. The unlock is equivalent to a whopping 93.43% of the total circulating supply, raising alarming concerns among investors. Nevertheless, NEON price today soared nearly 10% to $0.3652. The coin’s intraday low and high were $0.3323 and $0.3647, respectively.

5. Cardano (ADA)

Cardano stands primed to witness an unlock of 37.06 million ADA, worth $13.11 million, on October 7. The unlock totals 0.10% of the crypto’s circulating supply. ADA price today gained roughly 1% to reach $0.354. Its 24-hour low and high were registered as $0.3489 and $0.3556, respectively.

6. Xai (XAI)

Similarly, Xai stands strong to face an unlock of 35.88 million XAI, worth $7.62 million, on October 9 next week. The unlock totals 6.20% of the token’s circulating supply. XAI price pumped remarkably, nearly 13% in the last 24 hours to $0.212. The coin’s intraday low and high were recorded as $0.187 and $0.2131, respectively.

7. Mode (MODE)

MODE is primed to experience an unlock of 500 million MODE, worth $5.64 million, on October 7. This unlock weighs equal to 38.46% of the coin’s circulating supply. MODE price traded at $0.01127 today, up marginally by 0.15% in the past 24 hours. The coin’s 24-hour low and high were registered as $0.01122 and $0.0113, respectively.

8. Ethena (ENA)

The crypto Ethena readies for a cliff unlock of 12.86 million tokens, worth $3.87 million, as of October 9. The unlock totals 0.47% of the coin’s circulating supply. Besides, ENA price today gained over 4% to trade at $0.3005. The coin’s intraday low and high were recorded as $0.2844 and $0.3208, respectively.

9. io.net (IO)

io.net is set to face a cliff and a linear unlock of 2.11 million and 767.12K IO, respectively, on October 11. The unlock, worth $5.20 million, is equivalent to 3.2% of the coin’s circulating supply. IO price today traded at $1.81, up nearly 6% in the past 24 hours. The coin’s intraday low and high were recorded as $1.67 and $1.84, respectively.

10. Hashflow (HFT)

Hashflow remains poised to experience an unlock of 13.85 million HFT, with 13.62 million coins as cliff and 221.4K coins as liner unlocks, on October 7. The unlock reflects 3.04% of the crypto’s total circulating supply. HFT price today jumped over 5% to reach $0.1485. The coin’s 24-hour low and high were $0.1402 and $0.1495, respectively.

11. Euler (EUL)

Euler readies for an unlock of 41.17K EUL in cliff and 27.29K EUL in linear, worth $208.79K, as of October 11. This unlock collectively is equivalent to 0.37% of the coin’s circulating supply. EUL price traded at $3.05 today, up nearly 1% in the past 24 hours. The crypto’s intraday low and high were registered as $3 and $3.07, respectively.

12. Moonbeam (GLMR)

Moonbeam is standing strong to face the unlock of 3.04 million GLMR, worth $493.53K, on October 11. The unlock is worth 0.34% of the token’s circulating supply. GLMR price today spiked over 1% to trade at $0.162. The coin’s intraday low and high were recorded as $0.1584 and $0.1641, respectively.

13. 1inch (1INCH)

1inch is similarly primed to witness an unlock of 246.43K 1INCH, worth $63.79K, on October 10. This unlock is equivalent to a marginal 0.02% of the total circulating supply. 1INCH price today pumped over 2% to reach $0.2578. The coin’s intraday low and high were recorded as $0.2499 and $0.2608, respectively.

14. Forta (FORT)

Forta is bracing for a linear unlock of 2.61 million FORT and a cliff unlock of 50K coins as of October 6. This unlock weighs equal to 0.57% of the coin’s circulating supply. FORT price today is down by 0.5% and is resting at $0.1152. The coin’s intraday low and peak were $0.1151 and $0.1192, respectively.

Altogether, token unlocks pose a severe threat to prices, abiding by the law of supply and demand as supply increases. Notably, the unlocks are a phenomenon where previously locked tokens are periodically released into the market.