The ever-evolving world of cryptocurrencies braces for another paradigm shift in the prices of certain altcoins. Primarily due to massive token unlocks ahead, these altcoins bear the brunt of a significant price drop in the coming days.
This slumping price action might urge traders and investors to sell their holdings in order to mitigate losses. So, let’s take a closer look at these altcoins and the upcoming token unlocks.
Token Unlocks Spark Bearish Concerns
Token unlocks, a phenomenon when previously locked tokens are unlocked and released into the market, usually bring significant downside pressure to prices. This occurs due to supply influx, negatively affecting tokenomics.
Notably, the altcoins that are to face 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 delve deeper into the unlocks.
io.net (IO)
The altcoin IO remains poised to face an unlock of 8.27 million IO, worth $26.79 million, on July 1. This totals 8.70% of the total circulating supply.
Recent studies show that unlocks equal to or more than 1% significantly threaten prices. This cliff unlock might urge traders and investors to sell their holdings.
dydx (DYDX)
Meanwhile, the DYDX crypto will witness an unlock of 8.33 million coins, worth $11.25 million, on July 1. This equals 3.12% of the circulating supply.
DYDX traded at $1.35 today, down 2.47% in the past 24 hours. A dip in price may be possible moving ahead, falling in line with the massive unlock.
Maverick Protocol (MAV)
The MAV crypto will witness an unlock of 39.87 million coins, worth $10.30 million, on July 1. This is equivalent to 15.95% of the total circulating supply.
MAV traded at $0.2579, down 3.77% in the past 24 hours.
Galxe (GAL)
The GAL token will go through an unlock of 3 million coins worth $6.43 million on Jul 5. This equals 2.60% of the circulating supply.
GAL traded at $2.14, down 3.97% over the past day.
Echelon Prime (PRIME)
The PRIME altcoin stands strong to witness an unlock of 750K coins, worth $6,42 million, on June 30. This totals 1.83% of the total circulating supply.
PRIME traded at $8.57, a 1.94% increase over the past day.
ZetaChain (ZETA)
The ZETA token will witness an unlock of 6.30 million coins, worth $5.05 million, on July 1. This equals 2.29% of the circulating supply, a significant threat to the price.
ZETA stood at $0.802, down 1.33% over the past day.
Manta Network (MANTA)
Simultaneously, the MANTA coin is set to experience an unlock of 3.07 million tokens, worth $3.15 million, on June 30. This is equivalent to 0.94% of the circulating supply.
MANTA traded at $1.02, up 1.61% over the past day.
Also Read: XRP Price Recovery: Will XRP Rank Under Top 5 in 2024?
Acala (ACA)
The ACA altcoin will face an unlock of 27.43 million coins, worth $1.83 million, on July 1. This equals 2.69% of the total circulating supply.
ACA traded at $0.06681 today, a 2.36% dip over the past day.
Liquity (LQTY)
Similarly, the LQTY coin will experience an unlock of 695.71K tokens, worth $585.21k, on July 5. This totals 0.72% of the circulating supply.
LQTY rested at $0.8406, down 2.15% over the past day.
Tornado Cash (TORN)
The TORN altcoin is expected to encounter an unlock of 91.67K coins, worth $254.83K, on June 30. This is almost 2.41% of the circulating supply.
TORN price dipped 0.99% to rest at $2.78 today.
Also Read: What’s Behind Curve Finance Founder’s Massive CRV Token Transfer?
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