Market
APE, MANTA, ID, and More
Token unlock involves releasing tokens that were previously blocked under fundraising terms. Projects carefully schedule these releases to avoid market pressure and prevent a drop in token prices.
However, factors like lack of liquidity or early investor profit-taking can significantly impact an asset’s dynamics. Here are four major token unlocks to watch next week.
ApeCoin (APE)
- Unlock date: June 17
- Number of tokens unlocked: 15,6 million APE
- Current circulating supply: 627,8 million APE
ApeCoin is the native token of Yuga Labs’ Ape ecosystem, which includes the popular Bored Ape Yacht Club (BAYC) NFT collection. On June 17, the project will unlock over 15 million coins and distribute them among the treasury, founders, team, and contributors.
Typically, APE experiences a price drop following large unlocks. However, the decline may be less significant due to the renewed interest in non-fungible tokens in general and BAYC in particular.
Read more: Bored Ape Yacht Club Explained: What Is BAYC?
Manta (MANTA)
- Unlock date: June 18
- Number of tokens unlocked: 6.67 million MANTA
- Current circulating supply: 325.3 million MANTA
Manta Network is a modular blockchain that leverages privacy for DeFi applications using zk-SNARK technology to enable private transactions and interactions. It includes two networks:
- Manta Pacific is a modular L2 ecosystem for EVM-native ZK applications and dApps that want to provide the lowest cost and best user experience possible.
- Manta Atlantic is the fastest L1 blockchain on Polkadot that provides programmable ZK identities and on-chain credentials via zkSBTs.
On June 18, the circulating supply of MANTA will increase by 6.67 million tokens. These newly unlocked tokens will be allocated to the public sale participants.
Read more: Layer-2 Crypto Projects for 2024: The Top Picks
Pixels (PIXEL)
- Unlock date: June 19
- Number of tokens unlocked: 54.38 million PIXEL
- Current circulating supply: 771 million PIXEL
Pixels is a multiplayer game on the Ronin blockchain, utilizing the PIXEL token as its in-game currency and for community governance. Holders of PIXEL can mint NFTs, purchase items and VIP passes, join guilds, and vote on project developments.
On June 19, 54 million PIXEL tokens will be released into circulation and distributed among advisors, the project’s treasury, and ecosystem rewards.
Read more: 11 Free Games That Pay Real Money for Playing
Space ID (ID)
- Unlock date: June 22
- Number of tokens unlocked: 78.5 million ID
- Current circulating supply: 430 million ID
Space ID is a universal decentralized identity protocol that connects people, assets, and dApps across various blockchains. It allows users to use a single domain name to represent their identity across different applications and networks.
On June 22, the project will unlock over 78 million ID tokens and allocate them between the Space ID Foundation and several sale round participants.
Read more: Decentralized Identity and the Future of Web3: What To Know
Other next-week unlocks include Nym (NYM), Kadena (KDA), Euler (EUL), and Pendle (PENDLE), with a total value exceeding $170 million. Although many consider token unlocks bearish, a well-planned schedule can strengthen a project’s long-term viability. Aligned with milestones and development progress, unlocks will motivate team members, boost community engagement, and promote ecosystem growth.
Disclaimer
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Market
ADA Sights More Growth After Breaking $0.8119
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Market
PNUT Price Nears Oversold Zone After 20% 24-Hour Decline
PNUT price has dropped more than 20% in the last 24 hours, following its recent surge after being listed on major exchanges, where it reached $2.28. This sharp decline highlights weakening momentum, as indicators like ADX and RSI suggest that the uptrend is fading.
Despite this, PNUT still has the potential for a strong recovery if buyers return. However, if bearish pressure continues, PNUT could face a significant correction, testing key support levels and potentially losing more ground.
PNUT Current Uptrend Is Fading Away
PNUT currently has an ADX of 18.76, significantly down from above 50 just a few days ago. This consistent decline in ADX indicates that the strength of PNUT’s uptrend has been steadily weakening.
Despite still being in an uptrend, the sharp drop in price over the last 24 hours highlights the growing vulnerability of maintaining upward momentum. The ADX suggests a potential reversal could be on the horizon.
The ADX measures the strength of a trend, with values above 25 indicating a strong trend and below 20 indicating a weak or nonexistent trend.
PNUT’s ADX dropping below 20 reflects a weakening trend, even though the current directional movement still leans bullish. If this trend strength continues to deteriorate, PNUT may struggle to sustain its uptrend. That would leave PNUT price vulnerable to a more significant reversal in the near term.
PNUT Is Almost Reaching The Oversold Zone
PNUT currently has an RSI of 32.6, marking its lowest level since being listed on Binance.
The Relative Strength Index (RSI) measures the speed and magnitude of price movements, with values above 70 indicating overbought conditions and below 30 signaling oversold levels.
The consistent decline in PNUT’s RSI over the past few days highlights weakening momentum, with the asset now approaching oversold levels.
If the RSI falls below 30, it could signal that PNUT is significantly undervalued in the short term. However, continued bearish sentiment could keep the price under pressure, delaying any recovery.
PNUT Price Prediction: A 72% Correction Ahead?
If PNUT price experiences a reversal and a strong downtrend emerges, it could test the support at $0.749. Should this level fail to hold, the price may drop further to $0.41 and even $0.32, marking a significant potential correction of up to 72%. This would make PNUT be surpassed by other meme coins such as MOG, GOAT, and MEW in terms of market cap.
Such a scenario would indicate increased bearish pressure, with traders potentially continuing to exit positions after the surges following the listing on major exchanges.
On the other hand, if PNUT uptrend regains strength, the price could rise to test the resistances at $1.87 and $2.21.
Breaking through these levels could allow PNUT to retest its previous all-time high of $2.50. That would offer a potential 111% upside and establish PNUT as a top 10 meme coin in the market.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Market
How PNUT, GOAT, BONK Fared
In this weekly analysis of meme coins, BeInCrypto observed that these tokens experienced mixed results. While some tokens saw gains, others grappled with significant losses.
Peanut the Squirrel (PNUT) and AI-created Goatseus Maximus (GOAT) were among the week’s underperformers, both experiencing significant price drops. In contrast, Bonk (BONK) defied market trends, securing its place as one of the top-performing cryptocurrencies. Here’s a detailed recap of the week’s developments.
Peanut the Squirrel (PNUT)
At the beginning of the week, PNUT’s price was $1.94. However, the meme coin’s value has since decreased by 33%. This significant decline could be attributed to selling pressure from those who held the token until it reached an all-time high.
PNUT’s price is currently $1.17. However, the one-hour chart shows that the Relative Strength Index (RSI) has dropped to 31.66. When the RSI climbs to 70.00, it means that the asset is overbought.
On the other hand, if it is below 30.00, it means that it is oversold. Therefore, while the RSI reading indicates bearish momentum, it indicates that PNUT is oversold.
As such, the meme coin’s price could be in line for a rebound. If validated, then PNUT’s price could bounce toward $1.40. In a highly bullish scenario, the meme coin could rally toward $1.72. However, if selling pressure increases again, the price could decrease below $1.15 when we publish the next meme coins weekly update.
Goatseus Maximus (GOAT)
Similar to PNUT, GOAT, another meme coin, faced a sharp decline this week, with its price dropping by 22%.
The price of GOAT has fallen to $0.87, possibly due to waning interest in AI-themed meme coins. The shifting narrative in the meme coin market suggests that some traders may be moving on from the AI buzz, seeking opportunities elsewhere.
Adding to the bearish sentiment, GOAT’s 4-hour chart has revealed a head and shoulders pattern, a classic bullish-to-bearish reversal indicator. This formation suggests that the meme coin could face further downside.
If the pattern plays out, coupled with the negative Moving Average Convergence Divergence (MACD), GOAT’s price could decrease to $0.66. However, a surge in buying pressure could invalidate this bias. If that happens, the value could jump to $1.37.
Bonk (BONK)
Contrary to GOAT and PNUT’s performance, Bonk’s price experienced a 28% hike. This price increase happened because the project disclosed that it would burn 1 trillion tokens by December 25 at the latest.
As a result, this disclosure sent euphoria around the Solana meme coin’s community, driving demand and a higher value for the token. However, BONK faces resistance at $0.000050, which has made it challenging for the cryptocurrency to rise much higher.
Despite that, the Bull Bear Power (BBP) shows that bears do not still have control. If sustained, then BONK’s price could move toward $0.000060.
On the flip side, if bears outpace bulls’ dominance, that might not happen, as the next meme coins weekly analysis could see it decline to $0.000043.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
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