Altcoins
Altcoins to sell based on future token unlocks
The ever-changing world of cryptocurrencies is gearing up for another paradigm shift in the prices of some altcoins. Mainly due to massive token unlocks coming soon, these altcoins are bearing the brunt of a significant price drop in the coming days.
This falling price action could push traders and investors to sell their stocks to mitigate losses. So, let’s take a closer look at these altcoins and upcoming tokens unlocked.
The token unlocks Spark’s bearish concerns
Token Unlocksa phenomenon in which previously locked tokens are unlocked and released into the market, usually exerts significant downward pressure on prices. This occurs due to the influx of supply, which negatively affects tokenomics.
In particular, the altcoins that will face this influx include io.net (IO), dydx (DYDX), Maverick Protocol (MAV), Galxe (GAL), Echelon Prime (PRIME), ZetaChain (ZETA), Manta Network (MANTA), Acala ( ACA ), Liquidity (LQTY) and Tornado Cash (TORN). Let’s delve deeper into the unlocks.
io.net (IO)
The IO altcoin is all set to unlock 8.27 million IOs, worth $26.79 million, on July 1st. This equates to 8.70% of the total circulating supply.
Recent studies show that breakouts of 1% or more significantly threaten prices. This cliff unlock could push traders and investors to sell their stocks.
dydx (DYDX)
Meanwhile, the DYDX cryptocurrency will see the unlocking of 8.33 million coins, worth $11.25 million, on July 1. This equates to 3.12% of the circulating supply.
Today DYDX traded at $1.35, down 2.47% over the past 24 hours. A price drop may be possible in the future, in line with the massive unlocking.
Maverick Protocol (MAV)
On July 1, the MAV cryptocurrency will see the unlocking of 39.87 million coins, worth $10.30 million. This equates to 15.95% of the total circulating supply.
MAV traded at $0.2579, down 3.77% over the past 24 hours.
Galla (GAL)
The GAL token will be unlocked in 3 million coins worth $6.43 million on July 5. This equates to 2.60% of the circulating supply.
GAL traded at $2.14, down 3.97% over the past day.
Prime Echelon (PRIME)
The PRIME altcoin is strong and witnesses the unlocking of 750,000 coins, worth $6.42 million, on June 30. This equates to 1.83% of the total circulating supply.
PRIME traded at $8.57, up 1.94% from yesterday.
Zeta Chain (ZETA)
The ZETA token will see the unlocking of 6.30 million coins, worth $5.05 million, on July 1. This equates to 2.29% of the circulating supply, a significant threat to the price.
ZETA stood at $0.802, down 1.33% compared to yesterday.
Manta Network (MANTA)
At the same time, the MANTA coin is set to experience an unlock of 3.07 million tokens, worth $3.15 million, on June 30. This equates to 0.94% of the circulating supply.
MANTA traded at $1.02, up 1.61% over the past day.
Read also: XRP Price Recovery: Will XRP Rank Top 5 in 2024?
Acala (ACA)
On July 1st, the altcoin ACA will be unlocked for 27.43 million coins, worth $1.83 million. This is equivalent to 2.69% of the total circulating supply.
ACA traded today at $0.06681, down 2.36% from yesterday.
Liquidity (LQTY)
Similarly, the LQTY coin will unlock 695.71K tokens, worth $585.21K, on July 5. This equates to 0.72% of the circulating supply.
LQTY settled at $0.8406, down 2.15% from yesterday.
Tornado Cash (TORN)
The TORN altcoin is expected to unlock for 91,67,000 coins, worth $254,83,000, on June 30. This is almost 2.41% of the circulating supply.
TORN price fell 0.99% to settle at $2.78 today.
Read also: What’s behind Curve Finance founder’s massive CRV token transfer?