8 Cryptocurrencies To Avoid Trading This Week As Token Unlocks Loom

As a researcher with extensive experience in the cryptocurrency market, I find the upcoming token unlocks to be an intriguing development that could significantly influence the prices of certain coins. The potential bearish impact of these events has traders on high alert and carefully monitoring the situation.

In simple terms, the unpredictable market of cryptocurrencies prepares for potential price changes of certain coins due to upcoming large-scale releases of tokens that have been locked away.

One possible paraphrase for “Token unlocks refer to an occurrence that makes previously restricted tokens available for trade, thereby increasing their supply. This event can be seen as bearish by traders, leading them to avoid investing in certain cryptocurrencies.”

In the coming week, approximately $182.2 million in tokens are scheduled to be released. I’d like to provide you with a summary of eight cryptocurrencies that could potentially be impacted by this event.

Arbitrum (ARB)

At a current trading price of $0.9227, representing a 2.99% decrease from the previous day, ARB continues to lead the pack. The Token Unlocks App reveals that approximately 96.13 million ARB tokens, accounting for around 3.32% of the total supply, will become accessible on June 16. This impending event has sparked discussions about a possible price downturn for ARB.

Space ID (ID)

During the past day, the value of ID on various exchanges averaged $0.5654, representing a 4.15% decrease. The digital asset is set to undergo an event releasing 78.49 million tokens, equivalent to approximately $44.37 million. This represents around 18.23% of the current total supply. The upcoming token release could potentially lead to price instability for ID.

Pixels (PIXEL)

I’ve analyzed the cryptocurrency market today and noticed a 3.84% decrease in PIXEL‘s value, causing it to drop to $0.3621. This decline comes before a significant event: the release of $19.65 million worth of locked tokens on June 19. Specifically, 54.38 million PIXEL tokens, representing 7.05% of the circulating supply, will become accessible then.

ApeCoin (APE)

Today, the price of ApeCoin stood at $1.05, marking a 2.78% decrease compared to the previous day. In the upcoming event, an unlock worth $16.35 million in coins is imminent, representing approximately 2.48% of the current supply. The release will introduce 15.60 million ApeCoins into circulation on June 17, sparking apprehension among investors regarding potential price fluctuations.

Manta Network (MANTA)

As an analyst, I’ve observed that MANTA was priced at $1.27 yesterday, representing a daily correction of 8.49%. An upcoming event of significance approaches, as approximately $10.8 million worth of tokens are set to be unlocked on June 18. Based on the data available, around 7.87 million MANTA tokens, equivalent to 2.42% of the total circulating supply, will enter the market following this unlock event.

Render (RNDR)

I analyzed the cryptocurrency market today and noticed that RNDR experienced a decrease of 2.56%, bringing its value down to $8.05. Looking ahead, there’s an upcoming event scheduled for June 16, where approximately 760,57K RNDR tokens, equal to 0.20% of the total circulating supply, will be unlocked. This unlocking process is expected to result in a transaction volume of around $6.12 million.

NYM Coin

As a researcher studying the crypto market, I’ve observed that New York Mint (NYM) experienced a 1.58% decrease in value today, causing it to trade at $0.1366. On an encouraging note, approximately 2.96 million NYM tokens, equivalent to 0.37% of the total circulating supply, will be unlocked on June 17.

Euler (EUL)

As a researcher studying the blockchain network, I can tell you that the Event Upgrade Layer (EUL) token is set to release approximately 88,980 coins from its current holdings on June 19th. This equates to around $386,160 in total value. It’s important to note that this represents a mere 0.48% of the overall circulating supply of tokens.

Previously observed, tokens representing over 1% of the circulating supply in the cryptocurrency market have shown a notable influence on price movements. Market observers remain attentive to these tokens, anticipating potential additional price fluctuations.

2024-06-15 13:42