Altcoins
7 Altcoins to avoid in next week’s trades
THE cryptocurrency realm is preparing for another dynamic change in the prices of some altcoins as massive token unlocks loom on the horizon.
Token unblocking refers to the phenomenon where previously blocked tokens are released onto the market, thus hindering supply dynamics. Massive breakouts can potentially represent a potentially bearish encounter for altcoins as supply increases in the market.
Here is a quick overview of some cryptocurrencies that are ready to bear the heat of such breakouts in the coming week.
7 Altcoins to Avoid Trading Next Week
According to the insights rationalized by the Unlocks via token App, seven “cliff breaks” will occur over the next seven days, releasing $237.46 million worth of cryptocurrencies onto the market. Altcoins that are set to carry the weight include:
Aptos (APT)
Aptos (APT) will unlock 11.31 million APT coins, worth $96.36 million, on June 12. This equates to 2.58% of the coin’s circulating supply.
APT price has already fallen 8% to $8.39 in the last day. The token could further witness a bearish trend as supply increases with such unlocks.
Starknet (STRK)
Starknet (STRK) is poised and ready to unlock 64 million STRK coins, worth $76.16 million, on June 15. The amount was valued at 4.92% of the total outstanding supply.
Meanwhile, STRK price fell 11.21% to $1.17 today, making it a bearish coin to trade this week.
Immutable (IMX)
Immutable (IMX) will witness the unlocking of 25.53 million coins, worth $53.36 million, on June 14. The total corresponds to 1.72% of the circulating supply of the coin.
IMX fell 7.83% over the past day to $2.05, while further increases in supply could push the price further lower.
CYBER
CYBER will experience an unlock of 886.12K tokens, worth $7.47 million, on June 14. This equates to 3.96% of the cryptocurrency’s circulating supply.
CYBER price also fell 7.04% to $8.45 in the last 24 hours.
dydx (DYDX)
Another altcoin on the list, DYDX, will see 1.55 million coins, worth $2.94 million, unlocked on June 11. This equates to 0.55% of the circulating supply.
The price of DYDX has fallen 11.39% since yesterday to $1.90.
Moonbeam (GLMR)
The Moonbeam token unlock consists of 3.04 million coins, worth approximately $950,000, scheduled for June 11. This amount is relatively lower than that of other coins, as it amounts to only 0.35% of the circulating supply.
However, GLMR price recorded a decline of 9.04% to $0.3063.
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1 inch (1 INCH)
Finally, on June 9, 1 inch will see the unlocking of 36,43,000 tokens, worth $17,45,000. This is equivalent to 0.06% of the coin’s circulating supply.
1INCH price fell 2.19% to $0.4798 over the past day.
Furthermore, it is also worth mentioning that the collapse in altcoin prices reflects a bigger picture cryptocurrency market movement.
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