The crypto market is bracing for a potential selloff as a significant token unlock event approaches. According to data from Token Unlocks, nearly $300 million worth of tokens will be released into the market next week. Investors are wary of the impact this surge in supply could have on prices, especially for coins like EIGEN and 14 other altcoins facing substantial token unlocks.
EIGEN and 14 Other Altcoins Set for Selloff
Among the tokens set for release, the following 15 altcoins are generating the most attention: Aptos (APT), Arbitrum (ARB), EigenLayer (EIGEN), Axie Infinity (AXS), Starknet (STRK), Taiko (TAIKO), Cardano (ADA), ApeCoin (APE), Echelon Prime (PRIME), Render (RENDER), Ethena (ENA), CYBER, Astar (ASTR), Nym (NYM), and Forta (FORT).
These tokens will flood the market, potentially increasing supply and putting downward pressure on prices. Historically, such events lead to a decline in value as the balance of supply and demand shifts. Let’s take a closer look at some of the key altcoins and their upcoming unlocks.
Aptos (APT)
On October 11, Aptos will unlock 11.31 million tokens, valued at approximately $93.65 million. This represents more than 2% of its circulating supply. Currently trading at $8.25, APT has experienced a slight drop of 0.5% in the past 24 hours, with a daily range of $7.88 to $8.34.
Arbitrum (ARB)
Arbitrum will unlock 96 million tokens on October 16, amounting to $51.06 million. This release will increase the token’s supply by 2.65%. ARB is trading at $0.5319, up 1% in the past 24 hours, with daily highs and lows ranging from $0.507 to $0.5346.
EigenLayer (EIGEN)
The EigenLayer token unlock, scheduled for October 15, will release 11.22 million tokens, valued at $42.07 million. This event represents a 6% increase in EIGEN’s circulating supply. EIGEN is currently priced at $3.75, having seen a modest 0.5% increase in the last 24 hours.
Axie Infinity (AXS)
On October 14, Axie Infinity will unlock 9.25 million AXS tokens, worth $41.92 million, adding 6.08% to its supply. AXS is trading at $4.54, up 1.5% over the past 24 hours.
Market Expectations and Investor Sentiment
With these token unlock events looming, the market is expecting a potential selloff. While an increase in supply can typically cause prices to fall, these releases could also enhance liquidity, drawing in more investors. Nevertheless, traders are advised to monitor these events carefully, as the market may experience significant price volatility in the coming days.
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