Altcoins to be Sold Due to Token Unlocking in the Future
The ever-evolving cryptocurrency world is preparing for a new paradigm shift in the prices of some altcoins. First of all, due to the major token unlocks in the coming days, these altcoins will bear the brunt of a significant price drop in the coming days.
This bearish price action could prompt traders and investors to sell their holdings to cut losses. So let’s take a closer look at these altcoins and their upcoming token unlocks.
Token Reveals Drop Concerns
Token unlocking, a phenomenon where previously locked tokens are unlocked and released into circulation, typically creates significant downward pressure on prices due to the influx of supply, which negatively impacts the tokenomics.
Altcoins that will particularly see this influx include io.net (IO), dydx (DYDX), Maverick Protocol (MAV), Galxe (GAL), Echelon Prime (PRIME), ZetaChain (ZETA), Manta Network (MANTA), Acala (ACA), liquity (LQTY), and Tornado Cash (TORN). Let’s take a deeper look at the unlocks.
io.net (IO)
Altcoin IO is set to unlock 8.27 million IOs worth $26.79 million on July 1. This accounts for 8.70% of the total circulating supply.
Recent research shows that unlock rates equal to or greater than 1% pose a significant price threat. This widening gap could encourage traders and investors to sell their assets.
dydx (DYDX)
Meanwhile, the DYDX cryptocurrency will unlock 8.33 million coins worth $11.25 million on July 1. This equates to 3.12% of the circulating supply.
DYDX traded at $1.35 today, down 2.47% in the last 24 hours. A price drop is possible in line with the major unlock.
Maverick Protocol (MAV)
MAV cryptocurrency will witness the unlocking of 39.87 million coins worth $10.30 million on July 1. This is equivalent to 15.95% of the total supply in circulation.
MAV traded at $0.2579, down 3.77% in the last 24 hours.
Galxe (GAL)
The GAL token will unlock 3 million coins worth $6.43 million on July 5. This amounts to 2.60% of the circulating supply.
GAL traded at $2.14, down 3.97% the other day.
Echelon Prime (PRIME)
The PRIME altcoin is strong enough to unlock 750,000 coins worth $6.42 million on June 30. This corresponds to 1.83% of the total circulating supply.
PRIME traded at $8.57 last day, up 1.94%.
ZetaChain (ZETA)
The ZETA token will unlock 6.30 million coins worth $5.05 million on July 1. This equates to 2.29% of the circulating supply, which poses a significant threat to the price.
ZETA remained at $0.802, down 1.33% over the past day.
Manta Network (MANTA)
Simultaneously, the MANTA coin will unlock 3.07 million tokens worth $3.15 million on June 30. This is equivalent to 0.94% of the circulating supply.
MANTA was trading at $1.02, up 1.61% the other day.
Also Read: XRP Price Recovery: Will XRP Reach Below Top 5 in 2024?
Acala (ACA)
The ACA altcoin will see 27.43 million coins worth $1.83 million unlocked on July 1. This equates to 2.69% of the total circulating supply.
ACA was traded at $0.06681 today, down 2.36% from the previous day.
Liquidity (LQTY)
Similarly, the LQTY coin will unlock 695.71k tokens worth $585.21k on July 5. This corresponds to 0.72% of the circulating supply.
LQTY fell 2.15% to $0.8406 the other day.
Tornado Cash (TORN)
TORN altcoin is expected to unlock 91.67 thousand coins worth $254.83 thousand on June 30. This is almost 2.41% of the circulating supply.
TORN price fell 0.99% today to $2.78.
Also Read: What’s Behind Curve Finance Founder’s Massive CRV Token Transfer?
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