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8 Cryptocurrencies You Should Stay Away From This Week Due to the Approaching Token Unlock

The ever-changing realm of cryptocurrencies prepares for yet another significant change in the values of particular tokens as a substantial token unlocks approach in the near future.

Token unlocks a fascinating occurrence that guarantees the liberation of tokens that were previously locked, increasing the overall supply. This situation presents itself as a potentially harmful occurrence, causing traders to avoid trading specific cryptocurrencies.

In the upcoming week, a staggering amount of $182.20 million worth of tokens are scheduled to be released. Here’s a quick rundown of eight cryptocurrencies ready to handle the intensity of this event.

Manta Network (MANTA)

MANTA was valued at $1.27, experiencing a correction of 8.49% in the last 24 hours. The token is getting ready for a significant unlock worth $10.8 million on June 18. According to the data, a substantial number of MANTA tokens, totaling 2.42% of the circulating supply, are set to be introduced into the market, amounting to 7.87 million tokens.

Render (RNDR)

RNDR declined 2.56% today, dropping to $8.05. The token is preparing for an unlock worth $6.12 million on June 16, 760.On the specified date, 57K RNDR coins will be unlocked, which accounts for approximately 0.20% of the circulating supply.

Arbitrum (ARB)

With a current trading price of $0.9227, experiencing a decline of 2.99% in the last 24 hours, ARB continues to hold its position at the forefront. It is expected to observe the release of tokens valued at $86.23 million. According to the Token Unlocks App, a significant amount of ARB, approximately 96.13 million tokens, which account for around 3.32% of the circulation supply, is set to be unlocked on June 16. There has been a lot of talk about the possibility of a declining price trajectory for ARB in the near future.

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Euler (EUL)

The EUL token is getting ready for the release of 88.98K coins, which have a value of $386.16K, on June 19. A small fraction, precisely 0.48%, of the total supply will be made available in the market.

Space ID (ID)

Meanwhile, the price of ID was $0.5654, decreasing 4.15% in the last 24 hours. The cryptocurrency remains steady as it prepares for a token release of 78.49 million ID, valued at $44.37 million, which accounts for approximately 18.23% of the total circulating supply on June 22. This substantial breakthrough may initiate a decline in the price movement for ID in the near future.

Pixel (PIXEL)

The PIXEL cryptocurrency experienced a significant drop of 3.84%, falling to $0.3621 today as it prepares for the unlocking of tokens worth $19.65 million. Significantly, a substantial amount of 54.38 million PIXEL, which is equivalent to 7.05% of the total supply, is set to be released on June 19.

ApeCoin (APE)

The stock symbol APE was valued at $1.05 during today’s trading session, a decrease of 2.78% compared to yesterday. The token is getting ready to release $16.35 million worth of coins, which accounts for approximately 2.48% of the total circulating supply. Investor concerns have been sparked by the unlocking of 15.60 million APE tokens on June 17, raising questions about the future price trajectory of the token.

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NYM Coin

The NYM cryptocurrency experienced a slight decrease of 1.58% and is currently being traded at $0.1366. On June 17, a total of 2.96 million NYM will become available, accounting for 0.37% of the circulation supply.

Conclusion

As observed earlier, when a substantial number of tokens are unlocked, exceeding 1% of the total circulating supply, it has a noteworthy influence on prices. Market participants in the crypto space remain closely monitoring these tokens for any potential price movements.


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Peter Jennings

Peter Jennings is a prominent crypto broker with years of experience in the industry. He has helped many clients navigate the world of cryptocurrencies and make profitable investments. Jennings is known for his in-depth knowledge of the market and his commitment to providing top-notch customer service.

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