8 Cryptocurrencies You Should Stay Away From This Week Due to the Approaching Token Unlock
The ever-changing realm of cryptocurrencies prepares for yet another significant change in the values of particular tokens as a substantial token unlocks approach in the near future.
Token unlocks a fascinating occurrence that guarantees the liberation of tokens that were previously locked, increasing the overall supply. This situation presents itself as a potentially harmful occurrence, causing traders to avoid trading specific cryptocurrencies.
In the upcoming week, a staggering amount of $182.20 million worth of tokens are scheduled to be released. Here’s a quick rundown of eight cryptocurrencies ready to handle the intensity of this event.
Manta Network (MANTA)
MANTA was valued at $1.27, experiencing a correction of 8.49% in the last 24 hours. The token is getting ready for a significant unlock worth $10.8 million on June 18. According to the data, a substantial number of MANTA tokens, totaling 2.42% of the circulating supply, are set to be introduced into the market, amounting to 7.87 million tokens.
Render (RNDR)
RNDR declined 2.56% today, dropping to $8.05. The token is preparing for an unlock worth $6.12 million on June 16, 760.On the specified date, 57K RNDR coins will be unlocked, which accounts for approximately 0.20% of the circulating supply.
Arbitrum (ARB)
With a current trading price of $0.9227, experiencing a decline of 2.99% in the last 24 hours, ARB continues to hold its position at the forefront. It is expected to observe the release of tokens valued at $86.23 million. According to the Token Unlocks App, a significant amount of ARB, approximately 96.13 million tokens, which account for around 3.32% of the circulation supply, is set to be unlocked on June 16. There has been a lot of talk about the possibility of a declining price trajectory for ARB in the near future.
Euler (EUL)
The EUL token is getting ready for the release of 88.98K coins, which have a value of $386.16K, on June 19. A small fraction, precisely 0.48%, of the total supply will be made available in the market.
Space ID (ID)
Meanwhile, the price of ID was $0.5654, decreasing 4.15% in the last 24 hours. The cryptocurrency remains steady as it prepares for a token release of 78.49 million ID, valued at $44.37 million, which accounts for approximately 18.23% of the total circulating supply on June 22. This substantial breakthrough may initiate a decline in the price movement for ID in the near future.
Pixel (PIXEL)
The PIXEL cryptocurrency experienced a significant drop of 3.84%, falling to $0.3621 today as it prepares for the unlocking of tokens worth $19.65 million. Significantly, a substantial amount of 54.38 million PIXEL, which is equivalent to 7.05% of the total supply, is set to be released on June 19.
ApeCoin (APE)
The stock symbol APE was valued at $1.05 during today’s trading session, a decrease of 2.78% compared to yesterday. The token is getting ready to release $16.35 million worth of coins, which accounts for approximately 2.48% of the total circulating supply. Investor concerns have been sparked by the unlocking of 15.60 million APE tokens on June 17, raising questions about the future price trajectory of the token.
NYM Coin
The NYM cryptocurrency experienced a slight decrease of 1.58% and is currently being traded at $0.1366. On June 17, a total of 2.96 million NYM will become available, accounting for 0.37% of the circulation supply.
Conclusion
As observed earlier, when a substantial number of tokens are unlocked, exceeding 1% of the total circulating supply, it has a noteworthy influence on prices. Market participants in the crypto space remain closely monitoring these tokens for any potential price movements.
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