Altcoins To Offload As Price Faces Risk

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As a seasoned crypto investor with a few battle scars from previous market shifts, I’m keeping a watchful eye on the upcoming token unlocks that could potentially impact the prices of several altcoins. These events, while seemingly routine in the cryptosphere, can trigger significant volatility and cause ripples across the market.

In the world of cryptocurrencies, a major transformation is imminent as enormous token unlocks draw near, which could significantly influence the values of certain altcoins. Specifically, seven tokens are poised to face increased market supply in the upcoming week, triggering unease among investors.

In simple terms, this report discusses the cryptocurrencies that are about to experience token unlocks – an event where previously restricted coins become available in the market. This increase in supply can lead to unfavorable consequences for crypto economics.

Altcoins Set To Witness Token Unlocks Ahead

Based on the data I’ve analyzed using the Token Unlocks App, it appears that Arbitrum (ARB), Starknet (STRK), Axie Infinity (AXS), ApeCoin (APE), Pixels (PIXEL), Manta Network (MANTA), and Cyber (CYBER) are the cryptocurrencies expected to undergo a bearish trend.

Arbitrum (ARB)

On July 16, there will be a release of 92.65 million ARB tokens, equivalent to $65.37 million, from the ARB reserve. This represents approximately 2.87% of the current ARB circulation.

As a researcher studying the cryptocurrency market, I’ve observed that ARB was priced at $0.705 today, representing a 2.30% increase over the previous day. However, I must caution that a potential downtrend may emerge for this token. This is due to a significant risk: unlocks equivalent to or greater than 1% of the supply could negatively impact prices.

Starknet (STRK)

On July 15, Starknet is set to release a staggering amount of 64 million STRK tokens, equivalent to approximately $36.37 million in value. This represents around 4.92% of the current circulating supply of the token.

At present, the STRK price is sitting at $0.5679, marking a 2.37% rise in value compared to the previous day. However, there’s a potential for a price decrease due to heightened market supply following the unlock event.

Axie Infinity (AXS)

On July 16, a significant release of 2.45 million AXS tokens from the Axie Infinity crypto, valued at approximately $13.60 million, will take effect. This represents around 1.66% of the current total circulating supply.

The AXS price stood at $5.55 today, marking a 5.50% upward shift in value compared to the previous day. Nevertheless, there are signs hinting at an upcoming possible price decrease.

ApeCoin (APE)

As a cryptocurrency analyst, I can tell you that on July 17, there will be an unlock of 15.60 million ApeCoins, equivalent to approximately $11.41 million. This event represents a 2.31% expansion of the current circulating supply. From a bearish perspective, this increase could put downward pressure on ApeCoin’s price.

APE price traded at $0.732 today, an upswing of 2.48% over the past day.

Pixels (PIXEL)

On July 19, the gaming cryptocurrency Pixels is set to release a substantial amount of 54.38 million PIXELs, equivalent to approximately $10.27 million in value. This unlock represents a sizeable 7.05% portion of the existing circulating supply.

PIXEL price rested at $0.1899 today, an upsurge of 5.78% from yesterday.

Manta Network (MANTA)

On July 18, a release of approximately 6.67 million MANTA altcoins, equivalent to around $5.74 million, will occur. This event represents about 1.97% of the current overall supply in circulation.

MANTA price surged 6.85% over the past day to reach $0.8584.

Cyber (CYBER)

On July 15, there will be a release of 886,120 CYBER altcoins, equivalent to approximately $3.75 million. This represents around 3.81% of the current circulating token supply.

CYBER price rested at $4.23, an increase of 4.16% over the past day.

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2024-07-14 08:36