Altcoins
7 Altcoins to Avoid in Next Week’s Trades
THE cryptocurrency The kingdom is bracing for another dynamic shift in the prices of some altcoins as massive token unlocks loom on the horizon.
Token unlocking refers to the phenomenon where previously locked tokens are released into the market, thereby hindering supply dynamics. Mass unlocks can potentially be a potentially bearish encounter for altcoins as supply increases in the market.
Here’s a quick look at some cryptocurrencies that are set to undergo such unlocks in the coming week.
7 Altcoins to Avoid Trading Next Week
According to information rationalized by the Unlocked Tokens App, seven “cliff unlocks” will take place in the next seven days, releasing $237.46 million worth of cryptos into the market. Altcoins that are likely to bear the brunt include:
Aptos (APT)
Aptos (APT) will experience the unlocking of 11.31 million APT coins, worth $96.36 million, on June 12. This represents 2.58% of the circulating supply of the coin.
APT price has already fallen by 8% to $8.39 over the past day. The token could further see a decline as the supply increases with such unlocks.
Starknet (STRK)
Starknet (STRK) is determined to face the unlocking of 64 million STRK coins, worth $76.16 million, on June 15. The amount was valued at 4.92% of the total circulating supply.
Meanwhile, STRK price fell 11.21% to $1.17 today, making it a bearish coin to trade this week.
Immutable (IMX)
Immutable (IMX) is expected to witness the unlocking of 25.53 million coins, worth $53.36 million, on June 14. This represents a total of 1.72% of the circulating supply of the coin.
IMX fell 7.83% over the past day to $2.05 as further supply gains could push the price further down.
CYBER
CYBER will experience an unlock of 886.12 thousand tokens, worth $7.47 million, on June 14. This equates to 3.96% of the crypto’s circulating supply.
Even CYBER price fell by 7.04% to $8.45 in the last 24 hours.
dydx (DYDX)
Another altcoin on the list, DYDX, will see a June 11 release of 1.55 million coins, worth $2.94 million. This is equivalent to 0.55% of the circulating supply.
DYDX price plunged 11.39% from yesterday to $1.90.
Moonbeam (GLMR)
Moonbeam’s token unlock includes 3.04 million coins, worth approximately $950,000, which is scheduled to take place on June 11. This amount is relatively lower than other coins, as it only totals 0.35% of the circulating supply.
Nonetheless, GLMR price saw a 9.04% decline to $0.3063.
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1 inch (1 INCH)
Finally, 1inch will see the unlocking of 36,43,000 tokens on June 9, worth $17,45,000. This represents 0.06% of the circulating supply of the coin.
1INCH price fell by 2.19% to $0.4798 over the past day.
Furthermore, it is also worth mentioning that the fall in altcoin prices reflects the broader trend the crypto market movement.
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