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3 cryptocurrencies to refrain from trading as the token unlock approaches
The world of cryptocurrencies is about to witness a significant event that demands the attention of cryptocurrency market investors: token breakouts. This event could potentially impact the market supply of three cryptocurrencies, Ethena (ENA), Galxe (GAL), and Hashflow (HFT), leading to a bearish trend in the sector. According to insights from the Token Unlocks app, these tokens are expected to experience massive unlocks, with coins worth a total of around $58 million being collectively released in the coming days.
Let’s take a closer look at the three cryptocurrencies that are bracing for a substantial increase in supply pressure in the near future due to token unlocking.
Eethena (ENA)
According to the insights offered by App to unlock tokens, Ethena (ENA) will absorb the impact of a $47 million token unlock. On June 1st at 11:00 pm UTC, 53.6 million ENAs will be placed on the market, equal to 3.62% of the circulating supply. This could result in a significant change in ENA’s price action, as increased supply is often seen as a bearish signal among traders.
Meanwhile, ENA price has risen by 2.69% over the past day and is trading at $0.8896 price level. Its daily highs and lows are $0.8642 and $0.9075, respectively.
Galx (GAL)
Galxe (GAL) is another cryptocurrency that will face the unlocking of a token worth $7.32 million. According to the data, 2.03 million GAL, equivalent to 1.76% of circulating supplywill be unlocked on June 5th at 00:00 UTC.
GAL price fell 2.77% in the last 24 hours to $3.61. The daily lows and highs are located at $3.61 and $3.78, respectively. As mentioned above, a significant increase in supply could potentially cause the price to collapse.
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Hash stream (HFT)
The last cryptocurrency on the list that traders would like to avoid trading this week is the HFT token. According to the data, HFT will witness the unlocking of a token worth $3.96 million. On June 7 at 00:00 UTC, 13.85 million HFT tokens will be unlocked, representing 3.41% of the circulating supply. This significant amount could result in a more notable shift in price action.
At the time of writing, the HFT token was trading at $0.2892, down 1.74% over the past day. Its 24-hour lows and highs are $0.2891 and $0.2995, respectively.
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