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Altcoins To Avoid Trading As $270M Token Unlocks Loom

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4 months ago

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In the coming week, the crypto market will witness a significant token unlock event, with Sui (SUI) being one of the major tokens affected. The next week will see token unlocks worth $270 million. Moreover, other altcoins like Solana (SOL), Worldcoin (WLD), and Zetachain (ZETA) will also be affected. Hence, traders could avoid trading these tokens in the upcoming week to avert some degree of risk.

Overview of Upcoming Altcoin Token Unlocks

On September 1, 64.19 million SUI tokens will be unlocked, amounting to $51.60 million in value. This release represents 2.47% of the token’s circulating supply. Given the substantial amount of tokens entering the market, SUI could face downward pressure as some investors may choose to sell their holdings. This could potentially lead to a decrease in its market price.

On September 6, ImmutableX (IMX) is set to unlock 32.47 million tokens, valued at $47.41 million, according to TokenUnlock. This unlock accounts for 2.06% of IMX’s circulating supply. The influx of these tokens could create volatility in the altcoin market, as the increased supply may not be immediately met with demand. It could potentially cause a short-term price decline.

ZETA will also experience a notable token unlock on September 1. The unlock will see 53.89 million tokens being released, worth $26.63 million. This represents a significant 15.71% of its circulating supply. The large proportion of tokens being unlocked could lead to substantial market movements, especially if a significant number of holders decide to liquidate their assets.

Taiko (TAIKO) is scheduled to unlock 12 million tokens on September 5, valued at $20.04 million. This release constitutes 19.02% of its circulating supply, making it one of the more impactful token unlocks of the week. The significant increase in supply could potentially destabilize altcoin’s market value, especially if the market is unable to absorb the additional tokens quickly.

Other Tokens Awaiting Unlock

On September 1, dYdX (DYDX) will have 8.33 million tokens unlocked, worth $7.89 million. This unlock represents 3.67% of its circulating supply. Although the percentage of circulating supply being unlocked is lower compared to some other tokens, DYDX could still experience price fluctuations due to the sudden increase in supply.

Lastly, Mode (MODE) will undergo a massive token unlock on September 6, with 500 million tokens being released into the market. This unlock is valued at $6.45 million and represents a staggering 38.46% of its circulating supply. The sheer volume of altcoin being unlocked could result in significant selling pressure, making MODE particularly vulnerable to price volatility during this period.

In addition to these large token cliffs, several top altcoins will experience daily linear unlocks, further contributing to the market’s dynamics. For example, Solana will see daily releases of 66.54K tokens, with a daily value of $9.31 million. Whilst, Polkadot (DOT) will experience daily unlocks of 441.35K tokens, worth $1.88 million. NEAR Protocol (NEAR) and SEI will also see daily token unlocks, which could add to the overall market supply and potentially influence prices.

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Kelvin Munene Murithi

Kelvin is a distinguished writer specializing in crypto and finance, backed by a Bachelor’s in Actuarial Science. Recognized for incisive analysis and insightful content, he has an adept command of English and excels at thorough research and timely delivery.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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5 Tokens Ready For A 20X After Solana ETF Approval

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2 hours ago

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December 23, 2024

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The US Securities and Exchange Commission (SEC) looks likely to approve a Solana exchange-traded fund (ETF) under Donald Trump’s administration. With this Solana ETF approval looking imminent, there are tokens that are ready to enjoy a 5x price increase once this happens.

5 Tokens That Could 20x After A Solana ETF

Bloomberg analysts recently suggested that a Solana ETF could launch at some point next year, although the exact timing remains uncertain due to some complex legal issues. Ahead of this potential launch, these are 5 tokens that could witness a significant price increase after the SEC approves a Solana ETF.

Jupiter (JUP)

Jupiter (JUP) is one of the tokens that is ready for a 20x price increase after a Solana ETF approval. The JUP price is in a good position to benefit from such bullish development, considering its status as one of the top Solana coins.

As such, the DeFi token will likely witness a parabolic surge on the back of an ETF approval. Crypto analyst Altcoin Scholar predicted that JUP could rally to $10 or higher in this bull run.

ImageImage

NebulaStride Token (NST)

NebulaStride Token (NST) is in a good position to witness a significant price increase after a Solana ETF approval. This ETF approval provides a bullish outlook for the crypto and NST, as a newer token, could enjoy one of the most gains.

As a newer token, NST could even record more than a 20x price increase since it has more room to run to the upside than these older coins. the token’s fundamentals also provides a bullish outlook for its as NebulaStride is revolutionizing the finance space.

Render (RENDER)

Render (RENDER) is another top Solana coin that is ready for a 20x price increase after a SOL ETF approval. The token already boasts a bullish outlook based on its ties to the artificial intelligence (AI) narrative.

ImageImage

Meanwhile, from a technical analysis perspective, crypto analysts have suggested that RENDER is well primed for a parabolic surge. In an X post, crypto analyst Exotrader predicted that the AI coin couuld rally to as high as $24 as long as it holds the $6.9 support level on the weekly close.

Bonk (BONK)

Bonk (BONK) has become more than just a meme coin in the Solana ecosystem. The top meme coin has gained several use cases and even boasts an exchange-traded product (ETP).

Meanwhile, it is worth mentioning the upcoming BONK token burn with 1 trillions coins set to be burnt. With this 1 trillion token burn on the horizon, the meme coin eyes a $0.11 price target.

XRP

XRP looks like an obvious play if the SEC were to approve a Solana ETF, especially if this approval comes before the one for an XRP ETF. In a scanario where a SOL ETF gets approved an XRP ETF, XRP will likely witness a 20x price increase as traders anticipate the XRP ETF next.

Moreover, crypto analysts have already provided a bullish outlook for the XRP price. One of these analysts is Dark Defender who predicted that XRP could rally to as high as $18 in this market cycle.

Conclusion

A Solana ETF approval is undoubtedly bullish for JUP, NST, RENDER, BONK, and XRP. These coins, most especially NST, are ready to enjoy a 20x price increase once these SEC approves the SOL ETF.

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Coingape Staff

CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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BTC Risks Falling To $20K If This Happens

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5 hours ago

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December 23, 2024

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Bitcoin News: A recent report from The Kobeissi Letter hints at a potential BTC crash to $20,000 in the coming few weeks. The report cited Bitcoin’s relation with the global monetary supply, saying that if the crypto continues to move in tandem, it could witness a massive dip ahead. Besides, it also comes amid highly volatile trading noted in the broader crypto market, with the flagship crypto falling below the $100K mark recently.

Bitcoin News: Why BTC Can Crash To $20K?

In the latest Bitcoin news, the crypto could face a significant correction, potentially dropping to $20,000 in the coming weeks, The Kobeissi Letter said. The report highlights Bitcoin’s historical tendency to mirror global money supply trends, suggesting a steep decline might be on the horizon. The analysis revealed a close relationship between Bitcoin prices and global monetary supply, with BTC often reacting with a 10-week lag.

As global money supply peaked at $108.5 trillion in October, Bitcoin hit an all-time high of $108,000 recently. However, a subsequent $4.1 trillion drop in money supply to $104.4 trillion, its lowest since August, raises concerns about Bitcoin’s near-term trajectory.

Meanwhile, The Kobeissi Letter raised concerns over the potential crash ahead. They noted, “If the relationship still holds, this suggests that Bitcoin prices could fall as much as $20,000 over the next few weeks.” Notably, this prediction comes amid heightened market volatility, with BTC recently slipping below the psychological $100K mark. Such movements have amplified fears of a broader selloff in the crypto market, which has already faced pressure from global economic uncertainties.

Bitcoin news BTC and Global Money Supply RelationBitcoin news BTC and Global Money Supply Relation
Source: The Kobeissi Letter

What’s Next For BTC Amid Bearish Sentiment?

The latest positive Bitcoin news and strong rally this year showcased its resilience but this potential correction could pause its bullish momentum. Traders and investors are now closely monitoring macroeconomic factors, including shifts in monetary supply, which could significantly impact BTC’s performance. However, the question remains whether Bitcoin will defy this predicted trend or align with historical patterns.

If the BTC crash occurs, it would mark a critical juncture for the cryptocurrency market, testing Bitcoin’s role as a safe haven in uncertain times. For context, Robert Kiyosaki has recently hinted towards a looming economic depression, while urging investors to buy Bitcoin amid the economic turmoil.

However, popular crypto market expert Rekt Capital also said that the crypto “has confirmed a Bearish Engulfing Candlestick formation”, highlighting the bearish momentum in the market.

Bitcoin price analysisBitcoin price analysis
Source: Rekt Capital, X

In a separate post, the analyst said that BTC has lost its weekly support and its 5-week technical uptrend is over. Considering that, the expert warned about a potential multi-week correction for the crypto ahead.

BTC price Bitcoin newsBTC price Bitcoin news
Source: Rekt Capital, X

However, despite that, the institutional interest remained strong for the crypto. For context, Matador has recently revealed its plan to buy $4.5 million in BTC this month. On the other hand, MicroStrategy also continued its buying trend, indicating strong market interest.

Meanwhile, BTC price today was down more than 1% to $94,430, while its one-day trading volume jumped nearly 34% to $54.39 billion. Notably, the crypto has touched a high of $97,217 over the last 24 hours. In addition, a recent Bitcoin price analysis highlights three potential reasons that could help in ending the bearish momentum ahead.

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Rupam Roy

Rupam is a seasoned professional with three years of experience in the financial market, where he has developed a reputation as a meticulous research analyst and insightful journalist. He thrives on exploring the dynamic nuances of the financial landscape. Currently serving as a sub-editor at Coingape, Rupam’s expertise extends beyond conventional boundaries. His role involves breaking stories, analyzing AI-related developments, providing real-time updates on the crypto market, and presenting insightful economic news.
Rupam’s career is characterized by a deep passion for unraveling the complexities of finance and delivering impactful stories that resonate with a diverse audience.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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Robert Kiyosaki Hints At Economic Depression Ahead, What It Means For BTC?

Published

11 hours ago

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December 23, 2024

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Rich Dad Poor Dad author Robert Kiyosaki has issued a stark warning while hinting towards an economic depression ahead. In a recent X post, the renowned author said that the global market crash has already started, as he predicted earlier, which indicates that the financial market might enter a “depression” phase. Notably, this comes as the crypto market records immense volatility, sparking concerns over what’s next for Bitcoin (BTC).

Robert Kiyosaki Hints At Economic Depression Ahead

Robert Kiyosaki, in a recent X post, has revealed a stark warning of a looming economic depression. The Rich Dad Poor Dad author warned that a global market crash has already begun, citing Europe, China, and the U.S. as regions facing significant downturns.

In his post, Kiyosaki urged caution, advising individuals to safeguard their finances and maintain their jobs. “Global crash has started. Europe, China, USA going down. Depression ahead?” he asked while emphasizing the enduring value of assets like gold, silver, and Bitcoin. He added, “For many people, crashes are the best times to get rich.”

This warning aligns with Kiyosaki’s earlier prediction of what he called the “biggest crash in history.” Earlier this month, he encouraged his followers to prepare for financial turmoil, stating, “Please be proactive and get rich… before the BOOMER’s go BUST.”

However, this recent comment from Robert Kiyosaki indicates his sustained confidence in BTC. As the crypto market faces heightened volatility, Bitcoin could emerge as a hedge against traditional market instability, he noted. Besides, it also indicates that the flagship crypto, alongside gold and silver, might continue to gain traction amid this economic turmoil.

What’s Next For BTC?

Bitcoin price today has continued its volatile trading, losing nearly 1.5% over the last 24 hours to $95,323. The crypto touched a high and low of $97,260 and $93,690 in the last 24 hours, showcasing the highly volatile scenario in the market.

In addition, the US Spot Bitcoin ETF also recorded significant outflow, with BlackRock Bitcoin ETF witnessing its largest outflux since its launch. This has weighed on the investors’ sentiment, sparking concerns over a waning institutional interest.

However, despite that, many experts remained confident on the asset’s future trajectory. For context, in a recent X post, Peter Brandt shared a new BTC price target, indicating his confidence in the digital asset.

On the other hand, institutions like Metaplanet have also continued to boost their BTC holdings. These moves indicates that the institutions, as well as many investors, are bullish towards the long-term potential of the crypto. Besides, as Robert Kiyosaki said, the recent dip also provides a buying opportunity to investors, which might further boost Bitcoin to its new ATH ahead.

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Rupam Roy

Rupam is a seasoned professional with three years of experience in the financial market, where he has developed a reputation as a meticulous research analyst and insightful journalist. He thrives on exploring the dynamic nuances of the financial landscape. Currently serving as a sub-editor at Coingape, Rupam’s expertise extends beyond conventional boundaries. His role involves breaking stories, analyzing AI-related developments, providing real-time updates on the crypto market, and presenting insightful economic news.
Rupam’s career is characterized by a deep passion for unraveling the complexities of finance and delivering impactful stories that resonate with a diverse audience.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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