The cryptocurrency market is constantly evolving and is now preparing for a new paradigm shift regarding the prices of certain altcoins. The main reason for these altcoins, which may face a significant price drop in the coming days, is the major token expansions that will take place in the coming period. This downward trend may push investors and traders to sell their holdings to cut their losses. So, let’s take a closer look at the altcoins in question, such as GAL coin, and their upcoming token expansions.
GAL coin and others are unlocked
Token expansions refer to the release of previously locked tokens. This often leads to oversupply, negatively impacting the token economy and creating significant downward pressure on prices. Altcoins that will face these token expansions that seriously threaten prices include io.net (IO), dydx (DYDX), Maverick Protocol (MAV), Galxe (GAL), Echelon Prime (PRIME), ZetaChain (ZETA), Manta Network. (MANTA), Acala (ACA), Liquity (LQTY) and Tornado Cash (TORN). Now let’s look at these expansions in more detail.
- io.net (IO): On July 1, 8.27 million IO tokens will experience an expansion of $26.79 million with their value. This amount corresponds to 8.70% of the total circulating supply. Recent studies show that token expansions equal to or greater than 1% significantly threaten prices. This sudden expansion may lead investors and traders to sell their coins.
- dydx (DYDX): DYDX coin will face an expansion of 8.33 million units on July 1, with a value of 11.25 million dollars. This amount is equal to 3.12% of the circulating supply. DYDX is trading at $1.35 today and is down 2.47% in the last 24 hours. It seems possible that there will be a decrease in prices with the major token expansion.
- Maverick Protocol (MAV): A MAV token opening of 39.87 million units, worth $10.30 million, will take place on July 1. This amount corresponds to 15.95% of the total circulating supply. MAV, which has decreased by 3.77% in the last 24 hours, is traded at $ 0.2579 today.
- Galxe (GAL): The GAL token will experience an expansion of 3 million units on July 5, with a value of $6.43 million. This amount is equal to 2.60% of the circulating supply. GAL, which dropped 3.97% in the last day, is traded at $ 2.14 today.
In addition, Echelon Prime will unlock 750 thousand coins on July 30. ZetaChain (ZETA) will unlock 6.3 million coins on July 1. MANTA will unlock the coin for $3.15 million, LQTY for $585 thousand, and TORN for $254 thousand.As a result, token expansions that will take place throughout July may cause significant decreases in the prices of certain altcoins in the market. It would be beneficial for investors to follow these developments and consider potential risks.
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