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5 Altcoins You Should Consider Selling Before Token Unlocks
Welcome to the exciting world of cryptocurrency where the prices of various altcoins are experiencing a transformation. With imminent token unlocks on the horizon, the prices of these altcoins are expected to drop significantly in the days ahead.
This potential decline in prices might prompt traders and investors to consider selling their holdings to manage potential losses. Let’s explore these altcoins and the upcoming token unlocks in more detail.
Token Unlocks and the Bear Market
Token unlocks occur when previously locked tokens are released into the market, exerting downward pressure on prices due to an influx of supply, disrupting tokenomics.
The altcoins expected to undergo these unlocks include 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 dig deeper into these unlock events.
Unlocking for io.net (IO)
io.net (IO) is set to unleash 8.27 million IO tokens valued at $26.79 million on July 1, equivalent to 8.70% of the total circulating supply.
Research indicates that unlocking events exceeding 1% of circulating supply can pose significant threats to prices, possibly urging traders to consider selling their assets.
Unlocking for dydx (DYDX)
The DYDX crypto will witness the unlocking of 8.33 million coins worth $11.25 million on July 1, representing 3.12% of the circulating supply.
DYDX is currently trading at $1.35, down 2.47% in the last 24 hours, and further price downturns could be expected post the unlock event.
Unlocking for Maverick Protocol (MAV)
Maverick Protocol (MAV) is gearing up for the unlock of 39.87 million coins valued at $10.30 million on July 1, constituting 15.95% of the circulating supply.
MAV is currently priced at $0.2579, reflecting a 3.77% decrease over the past 24 hours.
Unlocking for Galxe (GAL)
Galxe (GAL) is scheduled to unlock 3 million coins worth $6.43 million on July 5, accounting for 2.60% of the circulating supply.
GAL is currently valued at $2.14, experiencing a 3.97% decline in the last day.
Unlocking for Echelon Prime (PRIME)
Echelon Prime (PRIME) will undergo an unlock of 750K coins valued at $6.42 million on June 30, representing 1.83% of the circulating supply.
PRIME is currently trading at $8.57, showing a 1.94% increase in price over the previous day.
Unlocking for ZetaChain (ZETA)
ZetaChain (ZETA) is expected to unlock 6.30 million coins valued at $5.05 million on July 1, equivalent to 2.29% of the circulating supply, posing a notable price risk.
ZETA is currently at $0.802, down 1.33% in the last 24 hours.
Unlocking for Manta Network (MANTA)
Manta Network (MANTA) is slated to unlock 3.07 million tokens valued at $3.15 million on June 30, representing 0.94% of the circulating supply.
MANTA is currently priced at $1.02, registering a 1.61% increase over the previous day.
Unlocking for Acala (ACA)
Acala (ACA) is set to release 27.43 million coins valued at $1.83 million on July 1, accounting for 2.69% of the total circulating supply.
ACA is currently valued at $0.06681, showing a 2.36% decrease over the last day.
Unlocking for Liquity (LQTY)
Liquity (LQTY) will witness the unlock of 695.71K tokens valued at $585.21k on July 5, constituting 0.72% of the circulating supply.
LQTY is currently at $0.8406, down 2.15% in the last 24 hours.
Unlocking for Tornado Cash (TORN)
Tornado Cash (TORN) is anticipated to unlock 91.67K coins valued at $254.83K on June 30, almost 2.41% of the circulating supply.
TORN’s price has dipped by 0.99% to reach $2.78 today.
Stay tuned for more crypto insights and updates!
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