The cryptocurrency market is bracing for significant token unlocks next week, which could impact the prices of several major altcoins. According to data from Token Unlocks App, projects such as Aptos (APT), EigenLayer (EIGEN), Optimism (OP), Cardano (ADA), Neon (NEON), and others are expected to experience large-scale unlocks. These events are sparking concerns about potential price drops due to an influx of unlocked tokens into the market.
Sell-off Expected for APT and 13 Other Altcoins
With a total of $213 million worth of tokens set to be unlocked, investors and traders are growing cautious. The increase in circulating supply is likely to result in a “sell-off wave,” as traders aim to minimize potential losses. The largest unlock involves Aptos (APT), where 11.31 million APT tokens, valued at $101.22 million, will be unlocked on October 11. This represents 2.25% of the total circulating supply, potentially leading to downward price pressure.
Key Altcoins Facing Unlocks
- Aptos (APT Coin): On October 11, 11.31 million APT tokens will be unlocked, worth $101.22 million, representing 2.25% of its circulating supply.
- EigenLayer (EIGEN): Scheduled for October 8, with 9.93 million EIGEN tokens being unlocked, making up 5.32% of its supply.
- Optimism (OP): On October 10, 12.47 million OP tokens will be unlocked, equivalent to 0.99% of its circulating supply.
- Neon (NEON): Facing a massive unlock on October 7, with 53.91 million NEON tokens, representing a staggering 93.43% of its supply.
These token unlocks, along with the ones for other altcoins like Cardano (ADA), Hashflow (HFT), and Forta (FORT), are likely to increase selling pressure in the market, which could lead to price drops.
Market Impact and Investor Caution
These large token unlocks often disrupt the balance of supply and demand in the crypto market, potentially causing price volatility. As more tokens are released, increased selling can drive prices down. Investors should remain cautious during these unlock periods and carefully assess their risk exposure.
According to experts, this wave of unlocks could lead to temporary price declines for some of these altcoins. Stay tuned to Turkish NY Radio for the latest updates on how these unlocks unfold.
