The cryptocurrency world is on the brink of major change as major token unlocks approach and could impact the prices of certain altcoins. Seven tokens in particular are set to bear the brunt of the market supply increase over the next week, fueling serious investor concerns.
Here is a report on cryptocurrencies witnessing these unlocks, which is a bearish event within the cryptocurrency industry. Token unlocking refers to the periodic release of locked tokens into the market, increasing supply and thereby negatively impacting token economics.
Altcoins will witness token unlocking
According to the insights provided, Token Unlocking AppThe seven cryptocurrencies that will experience this bearish phenomenon include Arbitrum (ARB), Starknet (STRK), Axie Infinity (AXS), ApeCoin (APE), Pixels (PIXEL), Manta Network (MANTA) and Cyber (CYBER).
Arbitrum (ARB)
As of July 16, ARB tokens are scheduled to unlock 92.65 million ARB (worth $65.37 million), which represents 2.87% of the altcoin’s circulating supply.
The price of ARB is trading at $0.705, up 2.30% in the past day. Unlocking more than 1% poses a big threat to the price, so the token price may see a downward trend in the future.
Starknet (STRK)
StarkNet is set to unlock 64 million STRK (worth $36.37 million) on July 15. This unlock represents 4.92% of the token’s circulating supply.
At the time of writing, STRK price is trading at $0.5679, up 2.37% from the previous day. The price is expected to fall in the future due to increased market supply due to unlocking.
Axie Infinity (AXS)
Axie Infinity cryptocurrency will bear the brunt of the unlocking of 2.45 million AXS (worth $13.6 million) on July 16, which represents 1.66% of the total circulating supply.
AXS price traded at $5.55 today, up 5.50% from the previous day, however, a price drop could be imminent.
Apecoin (APE)
The ApeCoin cryptocurrency will see the unlocking of 15.6 million APE (worth $11.41 million) on July 17, which will increase the total circulation by 2.31%, showing a bearish side.
APE price traded at $0.732 today, up 2.48% from the previous day.
Related article: Altcoins sell off following stablecoin volume drop
Pixel
The gaming cryptocurrency Pixel is preparing to unlock 54.38 million Pixels (worth $10.27 million) on July 19. This represents 7.05% of the circulating supply.
PIXEL price is trading at $0.1899 today, up 5.78% from yesterday.
Manta Network (MANTA)
Altcoin MANTA will see the unlocking of 6.67 million coins, worth $5.74 million, on July 18, which is 1.97% of the total circulating supply.
MANTA price has increased by 6.85% over the past day, hitting $0.8584.
CYBER
CYBER altcoin will see the unlocking of 886.12K tokens worth $3.75 million on July 15th, which represents 3.81% of the total circulating supply.
CYBER price was trading at $4.23, up 4.16% from the previous day.
Also read: Can you invest in AI-based altcoins on a low budget? Build a $1,000 portfolio with these tokens
