3 Cryptocurrencies To Refrain Trading As Token Unlock Approaches

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As an experienced analyst, I believe that the upcoming token unlocks for Ethena (ENA), Galxe (GAL), and Hashflow (HFT) could lead to a bearish trend in the cryptocurrency market. These events have the potential to significantly impact the supply of these coins, which could negatively affect their prices.

Crypto investors should keep a close eye on the cryptocurrency sector as a notable occurrence is imminent: token unlocks. This development could significantly influence the supply of three digital currencies, namely Ethana (ENA), Galxe (GAL), and Hashflow (HFT). Based on data from the Token Unlocks Tracker, an estimated $58 million in coins are set to be unleashed from these tokens over the next few days.

We’ll examine in detail the three cryptocurrencies facing significant inflation in the coming days as a result of upcoming token releases.

Eethena (ENA)

Based on the information provided by the Token Unlocks App, Ethena (ENA) is expected to experience the effects of unlocking approximately $47 million worth of tokens. Specifically, on June 1 at 11:00 PM UTC, a total of 53.6 million ENA tokens, representing around 3.62% of the circulating supply, will be made available in the market. This event could potentially cause noticeable changes in ENA’s price dynamics as an influx of tokens may be perceived negatively by traders due to the potential increase in supply.

Over the last 24 hours, ENA‘s value increased by 2.69%, reaching a current price of $0.8896. The stock’s highest and lowest points during the day were $0.8642 and $0.9075 respectively.

Galxe (GAL)

Starting June 5, at midnight UTC, approximately 2.03 million locked Galxe (GAL) tokens, representing around 1.76% of the current supply, are set to be released.

The cost of GAL decreased by 2.77% within the last 24 hours, reaching $3.61. Its lowest and highest points for the day are recorded as $3.61 and $3.78 respectively. As previously stated, a substantial surge in supply may lead to a price drop.

Hashflow (HFT)

As a researcher studying the cryptocurrency market, I would advise against trading the HFT token this week due to an upcoming token unlock event. Based on available data, approximately $3.96 million worth of HFT tokens will be released into circulation on June 07 at 12:00 AM UTC. This represents around 3.41% of the current circulating supply. The substantial release could potentially trigger noticeable price movements in the HFT token market.

At present, the value of HFT‘s token was at $0.2892 during my writing, representing a decrease of 1.74% in the last 24 hours. The minimum and maximum prices within this timeframe were $0.2891 and $0.2995 respectively.

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2024-06-01 12:05