Three Cryptocurrencies to Stop Trading as Token Unlocks Approach

Here is a list of three cryptocurrencies that traders and investors should avoid trading this week: Ethena (ENA), Galxe (GAL), and Hashflow (HFT) tokens.

Token unlocks pose a significant threat to the price of cryptocurrencies, primarily due to increased supply pressure. Three cryptocurrencies will continue to witness this phenomenon in the coming week. Here is a brief report on these cryptocurrencies – ENA, GAL, and HFT.

The cryptocurrency world is about to witness a major event that deserves the attention of crypto market investors – token unlocks. The event is likely to affect the market supply of three cryptocurrencies, Ethena (ENA), Galxe (GAL), and Hashflow (HFT), leading to a bearish trend in the industry. According to insights from the Token Unlocks app, these tokens are expected to experience a massive unlock, with tokens worth about $58 million to be issued in the coming days.

Let’s take a closer look at three cryptocurrencies that will face a significant increase in supply pressure in the near future due to token unlocks.

Ethena (ENA)

According to insights provided by Token Unlocks App, Ethena (ENA) will absorb the impact of $47 million worth of token unlocking. At 11:00 PM UTC on June 1, 53.6 million ENA, equivalent to 3.62% of the circulating supply, will be released to the market. This could bring a significant shift in ENA's price action as an increase in supply is often seen as a bearish signal by traders.

Meanwhile, ENA's price has increased by 2.69% over the past day and is currently trading at $0.8896. Its daily high and low were $0.8642 and $0.9075, respectively.

Galxe (GAL)

Galxe (GAL) is another cryptocurrency that will face $7.32 million worth of token unlocking. Data shows that 2.03 million GAL will be unlocked at 12:00 AM UTC on June 5, accounting for 1.76% of the circulating supply.

The price of GAL has fallen by 2.77% to $3.61 in the last 24 hours. The bottom and top of the day were $3.61 and $3.78 respectively. As mentioned above, a significant increase in supply could cause the price to plummet.

Also Read: XRP Whale Accumulated 100 Million Coins from Binance, Price Rising?

Hashflow (HFFT)

The last cryptocurrency that traders will want to avoid trading this week is the HFT token.Data shows that HFT will witness $3.96 million worth of tokens unlocked. At 12:00 AM UTC on June 7, 13.85 million HFT tokens will be unlocked, equivalent to 3.41% of the circulating supply. This huge amount may bring a more significant shift in price action.

As of writing, the HFT token is trading at $0.2892, down 1.74% from the past day. Its 24-hour low and high are $0.2891 and $0.2995 respectively.