The post 3 cryptocurrencies to avoid amid $170 million in token unlocks appeared on BitcoinEthereumNews.com.

Three cryptocurrencies will unlock over $170 million in tokens this week, which cryptocurrency traders should avoid having substantial exposure to. These unlocks have the potential to flood the market, leading to increased selling pressure and significant price fluctuations. On July 7, Finbold retrieved data from the TokenUnlocks.app, which shows $186.32 million in the seven-day cliff unlocks. Notably, this week’s three leading protocols will release $173.02 million in tokens, accounting for 93% of the total. Nine projects in total make up the “next seven days cliff unlocks:” Aptos (APT), Xai (XAI), ImmutableX (IMX), Ethena (ENA), io.net (IO), dYdX (DYDX), Moonbeam (GLMR), 1inch (1INCH), and Forta (FORT). Cliff Unlocks Next 7D. Source: TokenUnlocks.app Aptos’s (APT) $66M token unlock First, investors should avoid trading and having exposure to APT amid a potential sell-off incoming. Aptos is a layer-one blockchain for Web3 and decentralized finance (DeFi) solution developed by former Meta Platforms (NASDAQ: META) engineers. On July 12, the protocol will unlock 11.31 million APT tokens currently worth $66.16 million.  Interestingly, the network unlocked the same amount of tokens on June 12, worth $103.48 million, as Finbold reported.  Aptos’s unlock represents a nearly 2.5% supply inflation that repeats every month with slight variations. The month-over-month loss of purchasing power demonstrates the possible economic impact of this inflation. Core protocol contributors and the Foundation will receive 5.29 million APT worth $30.96 million, while private investors will get $16.43 million to realize their monthly profits over retail buyers.  APT token unlocks on July 12. Source: TokenUnlocks.App Xai’s (XAI) $65M token unlock Second, XAI has a more relevant unlock despite having the same nominal value as Aptos because of its lower capitalization. On that note, this upcoming event will represent a worrying 71.6% supply inflation for the project. On July 9, the protocol will nearly double its…

---

Filed under: News - @ July 7, 2024 12:10 pm