As a researcher with a background in cryptocurrencies and token economics, I find myself closely monitoring the market for upcoming token unlocks. These events can significantly impact the supply-demand dynamics of specific cryptocurrencies, potentially leading to bearish price movements.
In the continually changing landscape of cryptocurrencies, six specific digital coins are gearing up for potential price fluctuations as significant token releases approach within the next week.
In the upcoming days, several cryptocurrencies will experience substantial releases of locked tokens into the market, a process referred to as token unlocks. This event can significantly influence supply and demand patterns, potentially signaling bearish trends for traders and investors. Below is a summary of six digital currencies with imminent token unlocks:
$45M Worth Token Unlocks Approaches
Based on the information provided by the Token Unlocks App, approximately $45.72 million in cliff unlocks are imminent over the next week. The following cryptocurrencies will experience significant unlock events: AltLayer (ALT), Yield Guild Games (YGG), Ethena (ENA), SingularityNET (AGIX), Acala (ACA), and 1inch (1INCH). Therefore, let’s examine the upcoming unlocks for these tokens.
AltLayer (ALT)
Based on my analysis of the available data, I discovered that approximately 105.21 million ALT tokens, equivalent to around $20.03 million, are scheduled to be released from escrow on June 25th. This represents a substantial 6.92% of AltLayer’s current token supply. The upcoming unlock may potentially lead to a noticeable price decrease due to the increased circulation of ALT tokens in the market.
ALT price traded at $0.1903 today, down 4.15% in the past 24 hours.
Yield Guild Games (YGG)
On June 27, YGG is set to experience an event releasing 16.69 million tokens, valued at approximately $1067 million. This represents around 4.48% of the current token supply in circulation, which could potentially have a substantial impact on the market price.
YGG price traded at 0.6387, a slip of 0.44% over the past day.
Ethena (ENA)
On June 23rd, ENA will experience an unlock of 14.89 million coins, equating to a value of approximately $8.88 million. This represents around 0.87% of the current supply. The arrival of this significant quantity could pose a potential challenge to future price trends.
ENA price tumbled 2.71% from yesterday to $0.5956.
SingularityNET (AGIX)
As a researcher studying the developments in the AI coin market, I can share that an upcoming token merger is set to transform the AI coin into ‘ASI’. An intriguing event to follow-up on is the significant token unlock scheduled for the coming week. Specifically, 8.57 million tokens, equivalent to approximately $5.51 million, will be made accessible on June 28. This unlock represents a noteworthy 0.67% of the circulating supply and could potentially impact the coin’s price.
Meanwhile, AGIX traded at $0.6476, a slight 0.55% jump from yesterday.
Acala (ACA)
On June 25, a release of approximately 4.66 million Acala crypto tokens, valued at around $328,520, is scheduled to occur. This event represents about 0.46% of the current total supply.
ACA traded at $0.07021, down 2.99% in the past 24 hours.
1inch (1INCH)
On June 27, the unlocking of 64,280 1INCH tokens from the crypto’s stash, equivalent to approximately $25,800, is scheduled. This represents a minimal fraction, amounting to just 0.01%, of the token’s current circulating supply.
It’s important to mention that the 1inch price chart indicates a monthly decrease in price. Furthermore, there may be other negative factors that could lead to further price drops.
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2024-06-22 11:50