Connect with us

Market

Find Out Top 5 Token Unlocks of June 2024

Published

on


As June approaches, notable token unlock events are set to influence the market. BeInCrypto has identified the top five token unlocks that could potentially impact market dynamics, providing traders and investors with both opportunities and challenges.

According to data from TokenUnlocks, in June 2024, the crypto market will see the release of over $800 million worth of tokens into circulation. This influx of liquidity will potentially create waves across various digital assets.

Anticipated Token Unlock Events in June 2024

Token unlocks are pivotal for the crypto market because they introduce previously unavailable tokens to the public market. This often leads to price volatility. The substantial amount entering the market next month presents both opportunities and challenges for traders and investors alike.

In addition to dYdX, SUI, 1INCH, and Ethena (ENA), other tokens such as Arbitrum (ARB), Aptos (APT), and Starknet (STRK) are making headlines due to their notable unlock amounts.

Arbitrum (ARB)

ARB, the native token of Ethereum layer-2 Arbitrum, will unlock 92.65 million tokens worth approximately $105.62 million on June 16. This unlock represents 3.2% of its circulating supply. The release will be divided as follows:

  • Team, Future Team + Advisors: 56.13 million ARB ($63.98 million)
  • Investors: 36.52 million ARB ($41.63 million)

Read more: 11 Cryptos To Add To Your Portfolio Before Altcoin Season

ARB Token Unlock.
ARB Token Unlock. Source: Token Unlocks

Aptos (APT)

Next on the list is Aptos (APT), which will distribute 11.31 million tokens on June 12. The unlock represent 2.59% of its circulating supply, worth approximately $102.69 million. The release will be divided as follows:

  • Foundation: 1.33 million APT ($12.11 million)
  • Community: 3.21 million APT ($29.15 million)
  • Core contributors: 3.96 million APT ($35.94 million)
  • Investors: 2.81 million APT ($25.50 million)
APT Token Unlock.
APT Token Unlock. Source: Token Unlocks

Starknet (STRK)

Additionally, Starknet will unlock 64 million tokens on June 15, valued at approximately $78.08 million. This unlock represents 5.61% of STRK’s circulating supply. The release will be divided as follows:

  • Early contributors: 33.57 million STRK ($40.95 million)
  • Investors: 30.43 million STRK ($37.13 million)
STRK Token Unlock.
STRK Token Unlock. Source: Token Unlocks

Space ID (ID)

Space ID will also have its token unlock on June 22. These 78.49 million IDs are worth around $56.20 million. The release will be divided as follows:

  • Ecosystem fund: 2.78 million ID ($1.99 million)
  • Foundation: 5 million ID ($3.58 million)
  • Seed sale: 20 million ID ($14.32 million)
  • Strategic sale: 13.33 million ID ($9.55 million)
  • Community airdrop: 5.83 million ID ($4.18 million)
  • Marketing: 4.88 million ID ($3.49 million)
  • Advisors: 11.67 million ID ($8.35 million)
  • Team: 15 million ID ($10.47 million)

Since ID’s upcoming unlock will add 18.23% to its circulating supply, investors and traders might watch the unlock closely to see how it affects ID’s price action.

ID Token Unlock.
ID Token Unlock. Source: Token Unlocks

Immutable (IMX)

Lastly, Immutable will unlock its token on June 14. These 25.53 million tokens are worth approximately $56.42 million. The release will be divided as follows:

  • Ecosystem development: 15.91 million IMX ($35.17 million)
  • Project development: 9.62 million IMX ($21.25 million)

Despite its significant numbers, IMX’s token unlock this month will be distributed to its internal team. Representing only 1.72% of the circulating supply, the effect on IMX’s price action is expected to be minimal.

IMX Token Unlock.
IMX Token Unlock. Source: Token Unlocks

In addition to these tokens, there would be smaller but significant unlocks, including Altlayer (ALT), Pixels (PIXEL), and ApeCoin (APE). Although token unlocks in June will have relatively smaller numbers than last month, the market watchers expect approximately tokens worth $44 billion to become unlocked throughout 2024. Therefore, crypto analyst Alex Wacy cautioned investors and traders to remain careful and adjust their strategy accordingly.

“According to this calculation, it appears that a significant number of tokens will enter the market this year. If there’s not enough capital coming in, pressure to sell may increase for many individuals. Be prepared for more volatility, a surge in supply, chances for strategic trading, shifts in sentiment, and long-term effects of new tokens flooding the market. Adapt your approach, keep an eye on price fluctuations, and identify optimal selling points to capitalize on potential gains,” Wacy said.

Read more: 7 Hot Meme Coins and Altcoins that are Trending in 2024

These unlocks are part of a broader trend of increasing token liquidity, met with both enthusiasm for potential growth and cautious assessment of market impact. For investors, understanding the specifics of each unlock is vital. This includes the number of tokens released, their intended use, and the overall market conditions at the time.

As the market prepares for these and other unlocks, investors should maintain a strategy that accounts for potential increases in token supply and the resultant price movements. Indeed, watching how these tokens integrate into their respective ecosystems will be key.

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 ConditionsPrivacy Policy, and Disclaimers have been updated.



Source link

Market

Why These Altcoins Are Trending Today — January 22

Published

on


With Donald Trump assuming office as the US President, the crypto market has experienced heightened volatility. While some altcoins have surged, others have faced significant crashes, and many are gaining attention due to recent developments. 

BeInCrypto has analyzed three altcoins that have been trending over the past 24 hours and explored what might lie ahead for them in the coming days.

United States Donald Trump (TRUMP)

TRUMP has captured significant attention this week as the official cryptocurrency token of US President Donald Trump. Since its launch, the token has gained immense traction and is now ranked 24th among the top 100 cryptocurrencies, marking a swift rise in prominence within the market.

The token recently hit an all-time high (ATH) of $79 and is currently trading at $41. If TRUMP can secure $45 as a support level, it may resume its upward momentum and make another attempt at its ATH, signaling strong bullish sentiment among investors.

TRUMP Price Analysis
TRUMP Price Analysis. Source: TradingView

However, profit-taking could pressure the token, preventing it from surpassing $45. A drop below this critical level could lead to a decline under $34, potentially invalidating the bullish outlook. In a worst-case scenario, TRUMP might fall to $26, reflecting a significant shift in market sentiment.

World (WLD)

World (WLD) captured investor attention following the announcement of Sam Altman’s OpenAI collaboration with Oracle and SoftBank. Together, they plan to invest $500 billion in US AI infrastructure under the Stargate Project, supported by President Trump. This strategic move has bolstered confidence in WLD, positioning it as a trending altcoin.

WLD’s price surged by 12% in the past 24 hours, driven by the positive sentiment surrounding this partnership. This rally could enable the altcoin to reclaim its 4-month-old uptrend line as support. If achieved, WLD might target $2.55 in the coming days, reinforcing its bullish momentum.

WLD Price Analysis
WLD Price Analysis. Source: TradingView

However, if WLD fails to breach the $2.17 resistance, it risks losing traction and falling back to $2.00 or lower. A further decline to $1.74 could completely invalidate the bullish outlook, signaling a potential shift in market sentiment against the cryptocurrency.

Bonk (BONK)

BONK has surged into the spotlight following the inauguration of the US Department of Government Efficiency (D.O.G.E.), which spurred renewed interest in dog-themed meme coins. This development has elevated BONK’s status in the crypto market, drawing significant attention from both retail and institutional investors seeking speculative opportunities.

The token recorded an 8% increase, trading at $0.00003236 and eyeing $0.00003151 as a critical support level. Securing this floor would strengthen the meme coin’s recovery prospects, potentially attracting more bullish momentum. 

 BONK Price Analysis.
BONK Price Analysis. Source: TradingView

However, failure to hold the $0.00003151 support could lead to a decline toward $0.00002748. This drop would only invalidate the bullish outlook and also signal a broader loss of confidence in the token’s recovery potential.

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 ConditionsPrivacy Policy, and Disclaimers have been updated.



Source link

Continue Reading

Market

Ethereum Price Can Reach $3,500 On The Back Of These Factors

Published

on


Ethereum, the second-largest cryptocurrency, recently failed to breach $3,524, triggering a sharp price drop. Since then, recovery efforts have remained weak as volatility persists. 

However, the current conditions suggest Ethereum may be preparing for a comeback as the market stabilizes.

Ethereum Has Room For Recovery

Ethereum’s Network Value to Transaction (NVT) Ratio is experiencing a decline, recently hitting a monthly low. A low NVT indicates that transaction activity is balanced with network value, reflecting reduced volatility. This creates an environment conducive to price recovery, something Ethereum urgently needs to regain its footing.

With the NVT ratio signaling healthy network activity, Ethereum is positioned to stabilize in the short term. Declining volatility often fosters investor confidence, making it more likely for the cryptocurrency to see renewed buying interest. As speculative activity wanes, Ethereum has an opportunity to chart a path toward meaningful recovery.

Ethereum NVT Ratio
Ethereum NVT Ratio. Source: Glassnode

Ethereum’s realized profits recently dropped to a six-week low, pointing to a significant reduction in selling pressure from investors. This trend highlights the market’s shifting sentiment, with fewer participants looking to offload their holdings. Such conditions could provide Ethereum with the breathing room required to capitalize on broader bullish cues.

The lack of an uptick in realized profits suggests that the selling lull may persist, allowing Ethereum to focus on building upward momentum. With investors holding onto their coins, market conditions are primed for a gradual recovery, provided external factors remain favorable.

Ethereum Realized Profits
Ethereum Realized Profits. Source: Glassnode

ETH Price Prediction: Breaking The Barrier

Ethereum is currently trading near $3,300, just below the critical resistance level of $3,327. Flipping this into support is essential for ETH to initiate a rally toward $3,524, representing a 6% increase from current levels. This move would mark a partial recovery from recent losses.

Breaking through the $3,524 resistance is crucial for Ethereum’s recovery. Achieving this would erase the recent downturn and also position the altcoin for further gains, potentially targeting $3,711. Such a move would underscore Ethereum’s resilience and align with the broader market’s bullish sentiment.

Ethereum Price Analysis
Ethereum Price Analysis. Source: TradingView

However, failing to establish $3,327 as a support level could stall Ethereum’s recovery. This scenario would leave the cryptocurrency vulnerable to a retracement toward $3,200, undermining recent progress and potentially delaying its path to $3,500.

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 ConditionsPrivacy Policy, and Disclaimers have been updated.



Source link

Continue Reading

Market

Justin Sun, Vitalik Buterin Speak Amid Ethereum Reform Debate

Published

on


TRON founder Justin Sun has offered a hypothetical plan for Ethereum and the Ethereum Foundation (EF) under his leadership. His remarks come amid controversy over EF’s leadership transformation.

In a series of posts on X (formerly Twitter), Ethereum co-founder Vitalik Buterin outlined the reforms’ goals and progress. He highlighted improvements in technical expertise, ecosystem engagement, and operational efficiency.

Justin Sun Outlines Blueprint for Ethereum Leadership

The TRON executive shared ambitious remarks on how he would lead the Ethereum Foundation if given the opportunity. Sun’s vision, shared on X, outlined a four-point plan to radically restructure EF operations, optimize Ethereum’s economic model, and drive the price of ETH to $10,000.

“If EF and Ethereum were under my leadership, ETH would hit $10,000,” Sun claimed.

Sun proposed an immediate halt to ETH sales for three years to stabilize supply and boost market confidence. He suggested covering EF’s operational costs through DeFi protocols like Aave, staking yields, and stablecoin borrowing, aligning with Ethereum’s deflationary goals.

A key component of his plan involves imposing significant taxes on Layer 2 (L2) solutions, aiming to generate $5 billion annually. The collected taxes would go toward exclusively repurchasing and burning ETH, further enhancing its scarcity and value.

Sun also called for a drastic downsizing of EF staff, retaining only top performers and offering them significant salary increases. This merit-based approach, he argued, would streamline operations and improve efficiency.

Finally, Sun emphasized adjusting node rewards and increasing fee burns to reinforce Ethereum’s deflationary narrative. He proposed redirecting all resources toward Ethereum’s core L1 development, focusing on scalability, security, and adoption. Justin Sun’s plan sparked a mixed response, with some applauding the bold vision.

“These are all very practical suggestions. Please pay attention to them and refer to them, Vitalik Buterin,” core developer 0xSea.eth posed.

Meanwhile, others challenged Sun to focus on TRON and explore bringing decentralized finance (DeFi) to its ecosystem.

“Maybe start with how to make DeFi great on TRON – you should ask your exec team (and yourself), “Why is DeFi nonexistent on TRON despite it being the chain with the most stable coins on it?” If you answer this, maybe TRON can beat eth one day,” ZIGChain co-founder Abdul Rafay Gadit remarked.

Vitalik Buterin Defends Leadership Amid Criticism

Sun’s proposed solution aligns with Vitalik Buterin’s recent post discussing ongoing changes over the past year, some of which have already been implemented. Buterin emphasized goals such as strengthening the EF’s technical leadership and improving collaboration with ecosystem participants. He also addressed concerns, rejecting the notion that the EF might adopt centralized or politically motivated roles.

“…these things aren’t what EF does and this isn’t going to change. People seeking a different vision are welcome to start their orgs,” Buterin articulated.

Aya Miyaguchi, an EF executive, confirmed the ongoing efforts, expressing excitement about forthcoming announcements. She noted that the reforms aim to solidify Ethereum’s position as a global neutral platform while embracing decentralized and privacy-preserving technologies.

The announcement has stirred controversy within the crypto community. Critics argue that the current leadership has failed to manage Ethereum effectively.

“Respectfully, just let new blood take over. You guys can’t even make a simple Twitter account work—how can you be trusted to lead the second biggest blockchain,” Wazz posed.

Another user, Coinmamba, suggested that pressuring Miyaguchi to resign could result in Ethereum reaching new all-time high. Buterin strongly condemned these comments, defending Miyaguchi and calling out the toxicity of such social media rhetoric.

“No. This is not how this game works,” Buterin retorted. “The person deciding the new EF leadership team is me. If you ‘keep the pressure on,’ then you are creating an environment that is actively toxic to top talent. YOU ARE MAKING MY JOB HARDER,” the Ethereum co-founder lamented.

Buterin also refuted specific claims against Miyaguchi, pointing out inaccuracies in translations and misinterpretations of her statements. He reiterated the need for a “proper board” within EF to enhance governance.

ETH price Performance
ETH Price Performance. Source: BeInCrypto

Ethereum’s ETH token was trading at $3,305 as of this writing, representing a modest 0.2% surge since Wednesday’s session opened.

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 ConditionsPrivacy Policy, and Disclaimers have been updated.



Source link

Continue Reading

Trending

Copyright © 2024 coin2049.io