Altcoins have garnered considerable attention from investors amid the notable gains in the cryptocurrency market seen recently. However, the massive token releases looming on the crypto horizon have raised serious concerns in the market about the future prices of some cryptocurrencies.

Token unlocking refers to the timely release of the previously locked token. cryptocurrencies on the market. This phenomenon mainly results in an increase in the supply of the asset, presenting itself as a potential bearish factor.

Twenty-one altcoins are collectively ready to take on the heat of the over $350 million worth of token unlocks looming over the coming week. Here’s a quick rundown of these unlocks and their market implications.

Altcoins Ready for Massive Token Release

To put the prices into perspective, since prices are at risk due to an increase in supply, traders and investors in the cryptocurrency market may want to liquidate their holdings before these unlocks occur. This could put additional selling pressure on these coins, reinforcing their bearish position in the market when coupled with the token unlocks. Below are 21 coins that are facing this phenomenon.

Yield Guild Games (YGG)

Currently trading at $0.4838, up 4.41% from the previous day, the YGG token is expected to experience a cliff unlock of 14.08 million coins, worth $6.78 million. This unlock totals 3.73% of the total circulating supply, posing a significant threat to the price. According to data from Token Unlocking ApplicationThe mentioned unlocking is expected to take place today, July 27, at 2:00 PM UTC.

The release remains closely watched by cryptocurrency market participants, as releasing an amount equal to or greater than 1% of the circulating supply can negatively impact market dynamics.

Strong (STRONG)

Meanwhile, the FORT token is gearing up for the release of 50,000 coins, worth $8.51k, to the market on July 28. This release is equivalent to a mere 0.01% of the circulating supply.

FORT price was trading at $0.170 today, up 1.90% over the last 24 hours. Its daily lows and highs were recorded at $0.1646 and $0.1716 respectively.

SingularityNET (AGIX)

The AGIX cryptocurrency is preparing for a token release of 8.45 million coins, worth $4.68 million, on July 28. This release is equivalent to 1.35% of the coin’s total circulating supply.

The price of AGIX settled at $0.5614, down 0.84% ​​over the last 24 hours. Its daily lows and highs were recorded at $0.5465 and $0.6589, respectively.

Ethena (ENA)

Simultaneously, the ENA crypto is preparing to face the release of 14.89 million coins, worth $6.81 million, on July 28. This release totals 0.87% of the crypto’s circulating supply.

ENA price traded at $0.4567, up 3.46% from the previous day. Ethena’s 24-hour low and high were $0.4359 and $0.4725, respectively.

Portal (PORTAL)

PORTAL crypto is gearing up for a linear release of 860.44k coins per day for three days starting July 29. This is equivalent to 0.51% of the token’s circulating supply.

Portal price traded at $0.3964 today, up 7.54% over the last 24 hours. Its 24-hour lows and highs were recorded at $0.3667 and $0.4004 respectively.

Tornado Cash (TORN)

The TORN cryptocurrency is set to experience a release of 91.67k coins, or 2.41% of the circulating supply, on July 30. The value of this release is $216.33k.

TORN price was trading at $2.37 today, down 0.59% over the last 24 hours. Its 24-hour lows and highs were $2.37 and $2.44 respectively.

Prime Level (PRIME)

The Echelon Prime coin will be unlocked at 750,000 PRIME, worth $5.40 million, on July 31. This is equivalent to 1.75% of the circulating supply.

PRIME price was trading at $7.40, down 1.20% over the past day.

Optimism (OP)

The OP altcoin is gearing up for a release of 31.34 million coins, worth $52.97 million, on July 31. This is equivalent to 2.79% of the coin’s circulating supply.

OP price was trading at $1.74, up 0.58% over the past day.

Pendulum (PENDLE)

Meanwhile, a linear release of 34,48,000 PENDLE per day for seven days is scheduled to begin on July 31 for the Pendle cryptocurrency. While the price of PENDLE was trading at $3.94, up 0.26% over the past day.

Manta Network (MANTA)

Simultaneously, the MANTA token is gearing up for a release of 1.87 million coins on July 31. This is equivalent to 0.50% of the coin’s circulating supply, worth $1.69 million.

MANTA price was trading at $0.997, up 4.41% over the past day.

dydx

The DYDX cryptocurrency is expected to be unlocked with 8.33 million coins on August 1. This is equivalent to 3.65% of the cryptocurrency’s circulating supply, worth $10.25 million.

DYDX price was trading at $1.30, up 1.56% over the past day.

Helium (HNT) and GMT

Simultaneously, altcoins HNT and GMT are expected to see linear unlocks. GMT will see a unlock of 2.85 million coins per day for 31 days starting from August 1st. On the other hand, HNT will see a unlock of 41.10K HNT per day for the next 365 days starting from August 1st.

GMT price was trading at $0.153, up 3.55%, while HNT Price traded at $5.37, a gain of 3.67% over the past day.

Akash Network (AKT)

Simultaneously, the AKT crypto is preparing for the linear unlocking of 70.29k coins per day for the next 31 days starting from August 1. The unlocking is worth $218.61k per day.

AKT price was trading at $3.28, up 3.14% from yesterday.

Zeta Channel (ZETA)

The ZETA token is expected to see the release of 53.89 million coins, or 18.92% of the circulating supply, on August 1. This release is worth the equivalent of $33.17 million.

ZETA price was trading at $0.648, up 3.13% over the past day.

Cloud (CLOUD)

The Cloud token will face a linear unlock of 138.89k coins per day for 166 days starting August 1. The unlocks will be worth $38.73k per day.

CLOUD price was trading at $0.289, up 1.75% from yesterday.

Euler (EUL)

The EUL token is set to see a massive release of 49,560,000 coins on August 1. This release is equivalent to 0.27% of the coin’s circulating supply, worth $220,060,000.

The price of EUL was trading at $4.53, down 3.60% over the past day.

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Follow (SUI)

Simultaneously, the Sui cryptocurrency is preparing for a release of 64.19 million SUI starting August 1. This release totals 2.56% of the coin’s circulating supply, worth $48.08 million.

SUI Price traded at $0.779, up 1.02% from the previous day.

Galxe (GAL)

The Galxe coin is preparing to take the heat of a cliff release of 4.17 million GAL starting on August 2. This represents 3.52% of the coin’s circulating supply, worth $13.56 million.

The price of GAL was trading at $3.19, a slight decrease of 0.31% over the past day.

Wormhole (W)

The Wormhole cryptocurrency will see the unlocking of a staggering 600 million coins starting August 3. This equates to 33.33% of the altcoin’s circulating supply, worth $167.85 million.

The price of W was trading at $0.300, up 4.59% from yesterday.

Liquidity (LQTY)

Finally, the LQTY token will face an unlock of 489.01k coins on August 4. This represents 0.51% of the total circulating supply, worth $375.07k.

LQTY price was trading at $0.796, up 2.29% in the last 24 hours.

Read also : Mt Gox Bitcoin Creditors Face Withdrawal Restriction on Bitstamp

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