As a researcher with a background in cryptocurrencies and token economics, I find these upcoming token unlocks concerning for the altcoins mentioned. The potential price drops due to increased supply can be significant and may lead investors and traders to sell their holdings in anticipation of further losses.
In the constantly changing landscape of cryptocurrencies, some alternative coins (altcoins) are expected to undergo a major transformation in their prices. This is largely because of imminent token unlocks, which could lead to a substantial decrease in these altcoins’ value within the near future.
The dropping prices could encourage traders and investors to dispose of their investments in these altcoins, aiming to limit potential losses. Let’s examine these cryptocurrencies and the imminent token releases in greater detail.
Token Unlocks Spark Bearish Concerns
When tokens that were once locked become available again in large quantities and enter the market, it can lead to a price decrease. This is because the increased supply puts pressure on the token’s economic structure, negatively impacting its value.
Among the altcoins set to receive significant investment are io.net (IO), dydx (DYDX), Maverick Protocol (MAV), Galxe (GAL), Echelon Prime (PRIME), ZetaChain (ZETA), Manta Network (MANTA), Acala (ACA), Liquity (LQTY), and Tornado Cash (TORN). Let’s explore the implications of these developments in more detail.
io.net (IO)
On July 1, approximately 8.27 million IO tokens from the altcoin’s IO are set to be released, equivalent to around $26.79 million. This represents about 8.70% of the current IO supply in circulation.
New research indicates that opening up at least 1% as many shares as there are outstanding could lead to substantial price drops. This mass selling event might prompt traders and investors to offload their stakes.
dydx (DYDX)
Starting on July 1, there is a scheduled release of 8.33 million DYDX tokens, valued at approximately $11.25 million. This event represents around a 3.12% increase to the current token circulation.
Today, DYDX was priced at $1.35, marking a 2.47% decrease over the previous 24-hour period. It’s worth noting that a potential drop could ensue, aligning with the anticipated unlock event.
Maverick Protocol (MAV)
On July 1, there will be a release of approximately 39.87 million MAV crypto coins, valued at around $10.30 million. This represents around 15.95% of the current circulating supply.
MAV traded at $0.2579, down 3.77% in the past 24 hours.
Galxe (GAL)
On July 5, the GAL token is scheduled to undergo a release of approximately 3 million coins, equivalent to around $6.43 million in value. This event represents roughly 2.60% of the current circulating supply.
GAL traded at $2.14, down 3.97% over the past day.
Echelon Prime (PRIME)
On June 30, approximately 750,000 PRIME altcoins, equivalent to around $6.42 million, will be released into circulation. This represents about 1.83% of the current supply in circulation.
PRIME traded at $8.57, a 1.94% increase over the past day.
ZetaChain (ZETA)
On July 1, there will be a release of approximately 6.3 million ZETA tokens, valued at around $5.05 million. This represents about 2.29% of the current token supply, which could have a notable impact on the market price.
ZETA stood at $0.802, down 1.33% over the past day.
Manta Network (MANTA)
On June 30, a release of 3.07 million MANTA coins, valued at approximately $3.15 million, is scheduled to occur. This represents around 0.94% of the current total supply.
MANTA traded at $1.02, up 1.61% over the past day.
Acala (ACA)
As a researcher studying the cryptocurrency market, I’ve come across the upcoming event for Altcoin ACA. On July 1, there will be an unlocking of approximately 27.43 million coins, equating to around $1.83 million in value. This represents roughly 2.69% of the current total circulating supply.
ACA traded at $0.06681 today, a 2.36% dip over the past day.
Liquity (LQTY)
On July 5, there will be a release of 695,710 LQTY coins, equivalent to $585,210, representing a 0.72% increase in the existing token supply.
LQTY rested at $0.8406, down 2.15% over the past day.
Tornado Cash (TORN)
On June 30, approximately 91,670 units of the TORN altcoin, equivalent to around $254,830, are set to be released. This represents roughly 2.41% of the current total supply.
TORN price dipped 0.99% to rest at $2.78 today.
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2024-06-29 21:38