Altcoins
Altcoins to sell while price is at risk
The cryptocurrency universe is on the verge of a significant shift as massive token unlocks approach, potentially impacting the prices of some altcoins. In particular, seven tokens are set to bear the brunt of the increased market supply in the coming week, fueling serious concerns among investors.
Here is a report on the cryptocurrencies which will witness these unlocks in the future, a bearish event within the crypto space. Token unlocking refers to the periodic release of locked tokens into the market, increasing supply and thus negatively impacting tokenomics.
Altcoins Ready to See Upcoming Token Unlocks
According to the insights offered by the Token unlocking appThe seven cryptocurrencies that are set to experience this bearish phenomenon include Arbitrum (ARB), Starknet (STRK), Axie Infinity (AXS), ApeCoin (APE), Pixels (PIXEL), Manta Network (MANTA), and Cyber (CYBER).
Referee (ARB)
The ARB token is set to record an unlock of 92.65 million ARB, worth $65.37 million, starting July 16. This equates to 2.87% of the altcoin’s circulating supply.
ARB price traded at $0.705, up 2.30% from the previous day. The token price may see a bearish trend in the future, as unlocks of 1% or more pose a significant threat to the price.
Star Grid (STRK)
Starknet is set to unlock 64 million STRK, worth $36.37 million, on July 15. The unlock is equivalent to 4.92% of the token’s circulating supply.
STRK price was trading at $0.5679 at press time, up 2.37% from the previous day. The price can be expected to decline in the future, attributed to the increased market supply with the unlock.
Axie Infinite (AXS)
THE Axie Infinity Cryptocurrency will bear the brunt of an unlocking of 2.45 million AXS, worth $13.60 million, on July 16. This equates to 1.66% of the total circulating supply.
AXS price traded at $5.55 today, up 5.50% from the previous day. However, a potential price drop could be imminent.
ApeCoin (APE)
THE ApeCoin The cryptocurrency will see an unlocking of 15.60 million APE, worth $11.41 million, on July 17. This offers a 2.31% increase in the total circulating supply, which presents itself as a bearish outlook.
Today the price of APE was traded at $0.732, up 2.48% from yesterday.
Read also: Altcoins Sell Off Immediately After Stablecoin Volume Drops
Pixels (PIXEL)
Gaming cryptocurrency Pixels is set to take the heat with an unlock of 54.38 million PIXELs, worth $10.27 million, on July 19. The unlock equates to a significant 7.05% of the circulating supply.
PIXEL price today stood at $0.1899, up 5.78% from yesterday.
Manta Network (MANTA)
Altcoin MANTA will unlock 6.67 million coins, worth $5.74 million, on July 18. This equates to 1.97% of the total circulating supply.
MANTA price increased by 6.85% on the day, reaching $0.8584.
Cybernetic (CYBERNETIC)
Altcoin CYBER will see the unlocking of 886.12K tokens worth $3.75 million on July 15. This is equivalent to 3.81% of the total circulating supply.
CYBER price stood at $4.23, up 4.16% from the previous day.
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