6 altcoins that will launch $27 million this week may risk further declines. A similar situation occurred with the price of Aptos (APT) prior to the token unlock date.
These 6 altcoins will unlock lots of tokens this week
This week, various crypto and DeFi projects and networks are unlocking a large number of tokens. Known as the token unlock, this event puts downward pressure on altcoin prices. According to Token.unlocks.app, more than $27.5 million tokens will be unlocked this week.
July 22 – Axie Infinity (AXS)
The largest of these is Axie Infinity (AXS), which will open on July 22. This date will see 3.43 million AXS, or 3% of the circulating supply, flow into the market. Also, the huge token slice is worth $22 million.
AXS price is currently trading at $6.23, down 1.5% on the day. AXS, a gaming cryptocurrency, has dropped 95% from its ATH price in November 2021.
July 22 – SPACE ID
Digital identity platform SPACE ID will launch more than 15 million ID tokens on July 22. These are worth about $4 million and represent 5.3% of the circulating supply. Prior to that, the ID price dropped 10% in the last two weeks. For this reason, with the unlocking of July 22, the selling pressure will continue.
July 18 – X2Y2
On July 18, the X2Y2 NFT platform launched 37.5 million tokens worth just under $1 million, representing almost 13% of its circulating supply. The token of the same name has already dropped 6% in the last 12 hours.
Other minor releases this week include Euler (EUL), Cartesi (CTSI) and 1inch (1INCH).
How does token unlock affect prices: What did Blur experience?
Since June 15th, BLUR has unlocked a total of 239 million BLURs. Apart from that, 140 million BLURs flowed from Coinbase Prime to different centralized cryptocurrency exchanges (CEXs) last month.
The token unlock event had both positive and negative effects for BLUR. On the positive side, as 47.96 million BLUR is offered on Coinbase Prime, it brings more liquidity to the market, creating more trading opportunities for investors. Also, being listed on a major exchange like Coinbase Prime expands BLUR’s reach to a larger market, potentially attracting new investors. This increases the visibility of the token.
However, there are also negative consequences. This sudden influx of tokens causes price volatility. Sharp fluctuations may occur in the price of BLUR. However, the transfer of 140 million BLUR from Coinbase Prime to other exchanges triggers selling pressure. This potentially negatively impacts the price of the token. Finally, large token locks cause uncertainty among investors about the future value of the token. It causes hesitation when buying or holding BLUR.
Arkham ARKM sale started
Among the highlights of the day was the pre-sale of Arkham (ARKM), the 32nd altcoin project of Binance Launchpad. cryptocoin.comThe pre-sale we announced last week saw a 16x jump from the first minutes.
