14 Crypto Tokens To Avoid Trading Next Week Amid $213M Token Unlocks

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As a seasoned investor with decades of experience under my belt, I find myself constantly keeping tabs on these scheduled token unlocks. They can have a significant impact on a coin’s price dynamics, as we all know too well from the law of supply and demand.

In simple terms, the cryptocurrency market is gearing up for a potentially worrying downtrend due to a significant increase in token releases for certain altcoins within the next week. According to recent information from Token Unlocks App, Aptos (APT), EigenLayer (EIGEN), Optimism (OP), Neon (NEON), Cardano (ADA), Xai (XAI), Mode (MODE), Ethena (ENA), io.net (IO), Hashflow (HFT), Moonbeam (GLMR), Euler (EUL), Iinch (1INCH), and Forta (FORT) are all set to experience increased token circulation. This surge in supply has sparked concerns about the possible impact on the prices of these 14 specific tokens moving forward.

This report provides a quick overview of upcoming token releases valued at approximately $213 million in the cryptocurrency market, according to Token Unlocks statistics. This could potentially trigger a wave of selling among traders and investors, as they aim to minimize potential losses.

14 Crypto Set To Witness Token Unlocks Ahead

1. Aptos (APT)

On October 11, next week, there’s a significant release of 11.31 million Aptos coins (APT) worth approximately $101.22 million expected. This represents around 2.25% of the current circulating supply. The upcoming increase in supply has sparked worries among investors about the potential impact on the token’s price trend. Despite these concerns, today, the APT price stands at $8.95, marking a nearly 1% rise over the past day. The lowest and highest prices recorded within this period were $8.76 and $9.29 respectively.

2. EigenLayer (EIGEN)

9.93 million units of the digital currency EigenLayer are set to be released from a holding, with an estimated value of approximately $33.67 million as of October 8th. This release represents around 5.32% of the coin’s current circulating supply, potentially impacting its price. At present, the EIGEN‘s market price stands at $3.39, showing a decrease of 0.59% over the last day. The lowest and highest prices within this period were $3.32 and $3.70 respectively.

3. Optimism (OP)

On October 10, an unlock of approximately 12.47 million OP tokens is expected to occur, valued at around $20.33 million. This release represents about 0.99% of the current circulating supply. As of now, the price of OP stood at $1.62, marking a rise of more than 4% in the last 24 hours. During this period, the coin’s lowest and highest prices were recorded as $1.54 and $1.63 respectively.

4. Neon (NEON)

As an analyst, I’ve noticed a significant event unfolding with the cryptocurrency Neon. On October 7, we’re expecting an unlock of approximately 53.91 million NEON, equating to around $19.66 million. This unlock represents a staggering 93.43% of the total circulating supply, which has raised some serious eyebrows among investors. However, surprisingly, the NEON price today has jumped nearly 10%, reaching $0.3652. The coin’s range for the day was between $0.3323 (intraday low) and $0.3647 (intraday high).

5. Cardano (ADA)

On October 7th, approximately 37.06 million dollars’ worth of ADA (Cardano’s native cryptocurrency) is set to be released, totaling around 0.10% of the circulating supply. Today, the price of ADA increased by about 1%, reaching $0.354. Its lowest and highest points in the past 24 hours were $0.3489 and $0.3556 respectively.

6. Xai (XAI)

In a similar vein, XAI is prepared for a release of approximately 35.88 million XAI, valued at around $7.62 million, scheduled for October 9 in the upcoming week. This release represents about 6.20% of the token’s current circulating supply. The price of XAI has experienced a significant surge, rising by roughly 13% over the past day to reach $0.212. During this period, the coin’s lowest and highest prices were noted as $0.187 and $0.2131 respectively.

7. Mode (MODE)

On October 7th, MODE is set to see a release of approximately 500 million MODE, valued at around $5.64 million. This represents about 38.46% of the current circulating supply. The current price of MODE stands at $0.01127, marking a minor increase of 0.15% in the last 24 hours. The coin’s lowest and highest prices within the past day were recorded as $0.01122 and $0.0113 respectively.

8. Ethena (ENA)

On October 9th, the crypto token Ethena prepares for an unbinding event of approximately 12.86 million tokens, valued at around $3.87 million. This represents 0.47% of the coin’s current circulating supply. Additionally, the price of ENA increased by more than 4%, trading at $0.3005 today. The coin’s lowest and highest points during the day were recorded as $0.2844 and $0.3208, respectively.

9. io.net (IO)

On October 11th, io.net is expected to undergo an unlock of approximately 2.11 million IO tokens, followed by another unlock of about 767,120 IO tokens. The combined value of these unlocks totals roughly $5.20 million, making up around 3.2% of the current circulating supply. Currently, the price of IO is trading at $1.81, marking a nearly 6% increase over the past day. The day’s lowest and highest prices for IO were recorded as $1.67 and $1.84, respectively.

10. Hashflow (HFT)

Hashflow is set for a release of approximately 13.85 million HFT tokens on October 7th. This includes 13.62 million coins as a cliff and 221.4 thousand coins as linear unlocks. This event represents around 3.04% of the total circulating Hashflow supply. The price of HFT today surged more than 5%, reaching $0.1485. During the past 24 hours, the coin’s lowest and highest prices were $0.1402 and $0.1495, respectively.

11. Euler (EUL)

On October 11, Euler prepares to release approximately 41,170 EUL tokens in cliff areas and 27,290 EUL tokens in linear sections, totaling around $208,790. This combined release makes up about 0.37% of the coin’s current circulating supply. Today, the EUL price increased by almost 1%, trading at $3.05. The day’s lowest and highest prices for this cryptocurrency were recorded as $3 and $3.07 respectively.

12. Moonbeam (GLMR)

Moonbeam is prepared to tackle the release of approximately 3.04 million GLMR tokens, valued at around $493,530, on October 11th. This release represents about 0.34% of the current circulating supply of GLMR tokens. Today, the price of GLMR jumped by over 1%, trading at $0.162. The coin’s lowest and highest points during the day were marked at $0.1584 and $0.1641 respectively.

13. 1inch (1INCH)

1inch is anticipated to unveil a release of approximately 246,430 1INCH tokens, valued at around $63,790, on October 10th. This represents a minuscule 0.02% increase in the total circulating supply. Currently, the price of 1INCH has surged by more than 2%, reaching $0.2578. The coin’s lowest and highest prices for the day were noted as $0.2499 and $0.2608 respectively.

14. Forta (FORT)

In simple terms, Forta is preparing for the release of approximately 2.61 million FORT tokens on October 6 in a linear fashion, followed by an additional 50,000 coins in what’s known as a “cliff unlock.” This combined unlock represents about 0.57% of the total circulating supply of FORT. Currently, the price of FORT is decreased by 0.5%, standing at $0.1152. The coin’s lowest and highest points during the day were $0.1151 and $0.1192, respectively.

In summary, an increase in the number of unlocked tokens poses a significant risk to their prices, due to the basic economic principle of supply and demand – as the supply of these tokens rises. Importantly, this “unlocking” refers to the periodic release of previously restricted tokens onto the market.

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2024-10-05 14:38