Altcoins
$138M Token Unlocks Loom: 6 Altcoins At Risk of Major Liquidations Next Week
The latest update to the Token Unlocks app indicates that six alternative cryptocurrencies are preparing to face the challenge of increased market supply in the coming week. This can be attributed to significant token unlocks, which refer to the periodic release of previously locked tokens into the market.
Significantly, $138.8 million in reef releases are expected to have a specific impact altcoins in the coming days. The tokens in question include AltLayer (ALT), Sace ID (ID), Ethena (ENA), Galxe (GAL), Yield Guild games (YGG), and Acala (ACA).
Below is a brief overview of the unlock tokenswhich could be major news for cryptocurrency market participants.
Alt Level (ALT)
On July 25, AltLayer cryptocurrency will see the release of a whopping 684.21 million ALT tokens, worth $111.01 million. This is 42.08% of the total amount of the currency in circulation, which has caused considerable concern among investors about the potential impact on the market in the future.
The price of ALT is $0.1619 at the time of writing, reflecting a 5.29% increase over the previous day. The lowest value reached in the last 24 hours was $0.1572, while the highest was $0.1729.
Space ID (ID)
On July 22, the Space ID token will see the unlocking of 18.49 million IDs, worth $9.01 million. This represents 4.29% of the total number of coins in circulation.
ID price traded at $0.4875, representing a 5.70% increase over the previous day. In a 24-hour period, the token recorded a low of $0.4607 and a high of $0.5011.
Ethena (ENA)
Ethena is preparing to release 14.89 million ENA tokens, worth $7.32 million, on July 21. This represents 0.87% of the total number of coins in circulation.
ENA price traded at $0.493 today, representing a 6.97% increase from the previous day. The lowest point in Ethena’s 24-hour cycle was $0.4699, while the highest point was $0.5116.
Yield Guild Games (YGG)
On July 27, 14.08 million YGG tokens, worth $7.56 million, will be unlocked from the Yield Guild Games cryptocurrency. This represents 3.74% of the total number of coins currently in circulation.
YGG price was traded at $0.5369, reflecting a 2.97% increase over the past day. The token’s lowest value for 24 hours was $0.5183, while its highest value was $0.555.
Galla (GAL)
Altcoin Galxe is preparing to release 1 million GAL, worth $3.60 million, on July 24. This represents 0.85% of the total amount of the currency in circulation.
GAL price today was $3.58, down 5.78% from the previous day. The lowest and highest values recorded during the 24 hours were $3.54 and $3.92 respectively.
Acala (ACA)
Acala is expected to see the release of 4.66 million ACA tokens, worth $340.03k, on July 25. This represents 0.46% of the total amount of the coin in circulation.
The price of ACA was $0.07291, which is 2.53% higher than the previous day. In a 24-hour period, the coin recorded a low of $0.07132 and a high of $0.0759.
Significantly, the unlocked tokens above continue to attract significant attention from market participants, as investors continue to be concerned about altcoin news, primarily due to increased supply.