The cryptocurrency universe is on the verge of a significant shift as massive token unlocks approach, potentially impacting the prices of certain altcoins. Notably, seven tokens prepare to bear the brunt of increased market supply in the coming week, fueling severe investor concerns.
Here’s a report on the cryptocurrencies that will witness these unlocks ahead, a bearish occurrence within the crypto space. Token unlock refers to the periodic release of locked tokens into the market, increasing supply and thereby negatively impacting tokenomics.
Altcoins Set To Witness Token Unlocks Ahead
As per insights offered by the Token Unlocks App, the seven cryptocurrencies that are set to experience this bearish phenomenon include Arbitrum (ARB), Starknet (STRK), Axie Infinity (AXS), ApeCoin (APE), Pixels (PIXEL), Manta Network (MANTA), and Cyber (CYBER).
Arbitrum (ARB)
The ARB token is set to witness an unlock of 92.65 million ARB, worth $65.37 million, as of July 16. This totals 2.87% of the altcoin’s circulating supply.
ARB price traded at $0.705, up 2.30% over the past day. The token’s price may witness a downtrend ahead, as unlocks equal to or more than 1% hold a significant threat to prices.
Starknet (STRK)
Starknet readies to face an unlock of 64 million STRK, worth $36.37 million, on July 15. The unlock equals 4.92% of the token’s circulating supply.
STRK price traded at $0.5679 at press time, an increase of 2.37% over the past day. A price fall may be expected ahead, attributable to increased market supply with the unlock.
Axie Infinity (AXS)
The Axie Infinity crypto will bore the brunt of an unlock of 2.45 million AXS, worth $13.60 million, on July 16. This is equivalent to 1.66% of the total circulating supply.
AXS price traded at $5.55 today, an increase of 5.50% over the past day. However, a potential price fall may be imminent.
ApeCoin (APE)
The ApeCoin crypto will see an unlock of 15.60 million APE, worth $11.41 million, on July 17. This offers a 2.31% increase in the total circulating supply, staging as a bearish aspect.
APE price traded at $0.732 today, an upswing of 2.48% over the past day.
Also Read: Altcoins to Sell Hot on the heels of Dwindling Stablecoins Volume
Pixels (PIXEL)
The gaming crypto Pixels prepares to take the heat of an unlock of 54.38 million PIXEL, worth $10.27 million, on July 19. The unlock equals a significant 7.05% of the circulating supply.
PIXEL price rested at $0.1899 today, an upsurge of 5.78% from yesterday.
Manta Network (MANTA)
The altcoin MANTA will experience an unlock of 6.67 million coins, worth $5.74 million, on July 18. This totals 1.97% of the total circulating supply.
MANTA price surged 6.85% over the past day to reach $0.8584.
Cyber (CYBER)
The CYBER altcoin will witness an unlock of 886.12K tokens worth $3.75 million on July 15. This is equivalent to 3.81% of the total circulating supply.
CYBER price rested at $4.23, an increase of 4.16% over the past day.
Also Read: Investing in AI-Based Altcoins on a Budget? These Tokens Can Build $1,000 Portfolio
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