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Crypto to Watch as $177M Token Unlock Nears
The latest update of the Token Unlocks app has sent shockwaves through the dynamic world of EncryptIn particular, the prices of 6 altcoins are preparing for a substantial turbulent movement ahead. This is mainly attributed to the upcoming $177 million token releases, which are coming as a bear market factor.
Here is an in-depth report on these upcoming token unlocks and why their future implications remain negative.
$177M Worth of Unlocked Cryptocurrencies Raises Investor Concerns
Specifically, the $177 million in unlocks include cryptocurrencies such as Aptos (APT), Xai (XAI), Immutable (IMX), Ethena (ENA), io.net (IO), and Hashflow (HFT). These token unlocks are primarily a bearish factor, as previously locked tokens are released to the market, thus increasing supply.
Unlocking more than or equivalent to 1% of the circulating supply is said to have a significant impact on the price action of a cryptocurrency. Let’s dive deeper.
Aptos (APT)
According to the data of the Token Unlocks app, Aptos will see an unlock of 11.31 million APT on July 12. This equates to 2.49% of the circulating supply, worth $63.33 million.
APT price today stood at $5.59, up 4.02% from the previous day. Its 24-hour low and high were $5.39 and $5.74, respectively.
Xai (XAI)
The Xai token is set to unlock a whopping 198.40 million XAI on July 9. This equates to 71.59% of the total circulating supply, worth $56.55 million.
XAI price was trading at $0.2835, down 0.83% despite the broader uptrend. Its 24-hour low and high were $0.2738 and $0.2986, respectively.
It is worth noting that XAI’s token unlocking process is currently at 12%, which suggests that turbulence could occur in the future.
Immutable (IMX)
At the same time, the Immutable Crypto will see the unlocking of 32.47 million IMX on July 12. This is equivalent to 2.15% of the token’s circulating supply, worth $40.59 million, which poses a threat to the price.
The price of IMX today was $1.26, up 4.33%. The coin’s daily lows and highs were $1.20 and $1.32, respectively.
Additionally, the data indicated that 76% of the cryptocurrency unlocking process had been completed.
io.net (IO)
Similarly, io.net is set to experience an unlock of 2.87 million IOs on July 11. The unlock amount is equivalent to 3.02% of the circulating supply, worth $5.98 million.
IO was trading at $2.08, up 0.09% at press time. The cryptocurrency’s 24-hour lows and highs were $2.06 and $2.21, respectively.
Read also: Ethereum Outflows Rise to $60.7M as Institutional Investors Continue to Favor Bitcoin and Solana
Hash Flow (HFT)
Hashflow is set to take the heat with a 13.85 million HFT unlock on July 7. This unlock equates to 3.28% of the circulating supply, worth $2.41 million.
HFT traded at $0.1742, up 11.38% from the previous day. Its 24-hour low and high were $0.1568 and $0.176, respectively.
Ethena (ENA)
Finally, although not 1%, Ethena cryptocurrency will see 14.89 million ENA unlocked, which is 0.87% of the circulating supply, on July 7. This could lead to some price volatility.
Interestingly, CoinGape Media had previously highlighted a huge unlock tokenof specific cryptocurrencies, and this week has seen a price crash in these cryptocurrencies. Market participants should try to avoid trading these tokens in the coming week.
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