In a riveting turn of events, certain altcoins are readying to take the heat of increased supply in the coming days, primarily attributable to massive token releases. The latest update from the TokenUnlocks App revealed that over $580 million worth of crypto is set to be unlocked into the market this month, raising investor concerns. Below is an overview of these token unlocks and the current price movements of the coins set to witness this alarming phenomenon
10 Altcoins To Face Token Unlocks In August
Token unlock is a phenomenon wherein previously locked coins are injected into the market, impacting supply dynamics. A notable increase in supply usually fuels bearish market sentiments, urging investors to exercise caution while also urging them to steer clear of trading certain coins. Here are ten coins set to witness massive token unlocks in August, per data by the TokenUnlocks App.
Immutable (IMX)
The Immutable coin will witness an unlock of 32.47 IMX, worth $48.39 million, on August 9. This release is equivalent to 2.11% of the coin’s circulating supply.
Meanwhile, IMX price traded at $1.36, down 4.90% over the past day. It’s 24-hour bottoms and tops were $1.35 and $1.46, respectively.
XAI braces for an unlock of 35.88 million coins, worth $11.39 million, set for August 9. This unlock is equivalent to 6.91% of the total circulating supply.
XAI price traded at $0.2938 today, a dip of 3.15% over the past day. Its 24-hour lows and highs are $0.286 and $0.3093, respectively.
