Crypto To Sell In Next Week’s Trades As Price Risks Drop

by

As a seasoned investor with decades of experience in the ever-evolving cryptocurrency market, I find myself closely observing these upcoming token unlock events. It’s always a delicate balance between anticipation and apprehension when it comes to these scheduled releases.

In simple terms, a significant change in investor attitudes towards thirteen digital currencies is expected due to impending massive token releases. These investors are showing caution since a large increase in the supply of these tokens could potentially flood the market. The coins that may undergo this transition are Sui, Optimism, Immutable, ZetaChain, dydx, Maverick Protocol, Cardano, Ethena, Galxe, Manta Network, Liquity, 1inch, and Forta.

Analysts anticipate a decrease in the value of these assets in the near future, encouraging investors to consider selling them throughout the wider market.

13 Crypto To Sell On Risks Of Token Unlocks

Based on the information from TokenUnlocks, I’d like to share a summary of the cryptocurrencies expected to undergo unlocks in the upcoming week and reasons for investors to consider avoiding transactions with these assets.

Sui

On October 1st, it’s expected that approximately 68.79 million SUI coins will be released. Out of these, around 64.19 million are part of a ‘cliff unlock,’ while the remaining 4.5 million are from a ‘linear unlock’ on the same date. This represents about 2.47% of the total circulating supply, which could potentially impact the price of SUI. Currently, the SUI price stands at $1.64, having dropped by nearly 3%.

Optimism

On September 30th, a significant release of 31.34 million Optimism coins, valued around $58 million, is imminent. This substantial release amounts to 2.5% of Optimism’s total circulating supply, causing some unease among investors. Today, the OP price has climbed approximately 4%, reaching $1.86. The coin’s lowest and highest points within the day were $1.79 and $1.94 respectively.

Immutable

As a crypto investor, I’m gearing up for an anticipated increase in the supply of IMX tokens, amounting to approximately 32.47 million coins, valued at around $57 million. This surge is due to the token unlock scheduled on October 4, representing 2.02% of the asset’s current circulating supply. The current market price for IMX has dipped nearly 2%, settling at $1.76. Throughout the day, the coin’s lowest and highest prices have fluctuated between $1.73 and $1.83, respectively.

ZetaChain

On October 1st, a significant unlock of 54.89 million ZETA coins, valued approximately at $40.39 million, is set to occur. This represents 13.68% of the coin’s current circulating supply. Despite this substantial release, the price of ZETA has risen by nearly 7%, reaching $0.743 today. The coin’s lowest and highest points during the day were $0.6836 and $0.7743 respectively.

dydx

On October 1st, there will be an unlock event for 9.88 million DYDX tokens, valued at approximately $10 million. This represents about 1.57% of the current circulating supply. Currently, DYDX is trading at around $1.06, a drop of nearly 1% compared to yesterday’s price. Today’s lowest and highest traded prices for DYDX were $1.04 and $1.10, respectively.

Maverick Protocol

On October 1st, approximately 39.87 million MAV tokens, valued at around $9.5 million, are set to be released. Out of this total, about 36.40 million tokens will be part of a cliff unlock, and the remaining 3.47 million tokens will come from a linear unlock. Combined, these releases account for roughly 10.47% of the coin’s current circulating supply, which could have a substantial impact on its price. Currently, MAV is trading at $0.240, experiencing an increase of almost 1% over the past 24 hours.

Cardano

On October 2, ADA is set to release around 18.53 million coins, valued approximately at $7 million. This release represents about 0.05% of the coin’s current circulating supply. Currently, the price of ADA stands at $0.399, marking a decrease of almost 1% in the past day. The lowest and highest prices within the last 24 hours were $0.3936 and $0.4094 respectively.

Ethena

On September 29, ENA is set to release a staggering 14.89 million coins, currently valued at around $5 million. This event represents 0.78% of the coin’s circulating supply. Today, the price of ENA has surged by almost 2%, reaching $0.3588. The token’s lowest and highest points during the day were $0.3469 and $0.3732 respectively. Notably, Ethena Labs has announced the upcoming launch of their UStb stablecoin, which will be backed by industry giants like BlackRock and Securitize.

Galxe

Starting October 1, GAL is expected to see the release of 2 million coins valued at approximately $5 million. This unlock represents about 1.57% of the total circulating supply of GAL. Today, the price of GAL decreased by almost 3%, trading at $2.37. The coin’s lowest and highest prices over the past 24 hours were $2.33 and $2.50, respectively.

Manta Network

On September 30th, MANTA is set to release a total of 3.07 million coins, valued at approximately $3 million. This release makes up about 0.8% of the current circulating supply. Currently, the value of MANTA stands at $0.914, marking a decrease of 3.27% compared to its price over the past day. Throughout the day, the coin’s lowest and highest prices were $0.8841 and $0.9676, respectively.

Liquity

On October 4th, LQTY is set to release a total of 531,370 coins. This represents half a percent of the cryptocurrency’s current circulating supply. Despite this upcoming unlock, the price of LQTY has risen by approximately 4% today, reaching $0.983. The coin’s lowest and highest points within the last 24 hours were $0.9408 and $1.02 respectively.

1inch

1inch is planning a minimal release of about 302,140 coins on September 30, which represents 0.02% of the total circulating supply. Currently, the price of 1inch is at approximately $0.304, having dropped by around 1% over the past day. The coin’s lowest and highest prices within this period were $0.2957 and $0.3198 respectively.

Forta

On September 29th, there’s a planned release of approximately 2.66 million FORT coins. This includes about 2.61 million coins through a linear release and an additional 50,000 coins in a cliff-style release. This unlock represents half a percent of the current circulating supply. Currently, the price of FORT stands at $0.128, representing a nearly 1% increase from its previous day’s value. The coin’s lowest and highest prices within the last 24 hours were $0.1263 and $0.1311, respectively.

In the upcoming week, 13 different cryptocurrencies are expected to experience a significant increase in their circulating supply due to token releases, known as “token unlocks.” This happens when previously restricted coins are made available for trading in a planned and periodic manner. However, this development could potentially be negative for asset prices because an increased supply often leads to a pessimistic market outlook, following the principle of supply and demand. As a result, investors and analysts remain cautious about these assets due to the upcoming token unlocks.

Moreover, a recent post by the Token Unlocks App disclosed that an impressive $3.4 billion of cryptocurrency is set to be released in October. Beyond these mentioned tokens, Celestia (TIA), Worldcoin (WLD), and Solana (SOL) are all anticipated to experience significant unlock events soon.

According to the data, TIA, WLD, and SOL are expected to have a release of approximately $1.12 billion, $336.31 million, and $360.80 million in cryptocurrency respectively over the next month. Given this information, traders might want to consider these tokens as potential ones to sell ahead, to minimize possible losses.

Read More

2024-09-28 15:23