Don’t Buy These Altcoins! (MASS CRYPTO UNLOCKS)

by
Don’t Buy These Altcoins! (MASS CRYPTO UNLOCKS)

Token unlocks can have a serious impact! After a big unlock, the price of a token generally drops. From a bit to sometimes close to 10%. This September is no different. 3 coins or tokens are about to see a total of around $178 million worth of unlocks. 

That’s a serious number, and we may see a major price drop as at the moment we dont see inflow of money into crypto. So who will buy this extra supply. Having said that, this may also provide a great entry point for some altcoins. But wait for the price to settle first. Lets get into the token list.

#1: Apecoin (APE)

The Apecoin unlock is by far the biggest unlock this month. The unlock is 11% of their circulating supply. It’s due to happen on 17th September. It’s going to be 40.6 million APE. This has a value of around $54.41 million at the current price.

APE already has 50% of their tokens unlocked. Their last unlock was on 17th August. However, this was only 4.23% of their circulating supply. Or, in other words, 15.6 million APE tokens, or worth $20.91 million. The APE price dropped from $1.79 to $1.55. 

So, this upcoming unlock is a big one. It may well be that the current price of $1.27 will drop again after the unlock. APE holders are in a tight spot. The token keeps moving towards new all-time lows.This upcoming unlock has seven beneficiaries. The top four take almost all the coins. For example:

  • 2.22 million tokens or $2.98 million goes to Yuga Labs, the founders. 
  • 25 million tokens or $33.5 million goes to launch contributors 1.
  • 7.34 million tokens or $9.84 million goes to the treasury.
  • 4.17 million tokens or $5.58 million goes to Yuga Labs.

That’s $51 million out of the $54 million, right there. So, it’s best to stay clear of Apecoin for now.

#2: Optimism (OP)

The next big unlock for September is Optimism. So far, only 25% of their token supply unlocked. 

This upcoming unlocking event, is due for the 30th September. So, at the very end of this month. They’re unlocking 3.03% of their circulating supply. That doesn’t sound like too much. 3 However, that is 24.16 million tokens. This equals $31.89 million at the current price of $1.26.

Their last unlocking event was a month prior, on 30th August. The price dropped from $1.49 to $1.29. That’s around 13% in less than a week. Their vesting schedule lasts until the end of August in 2027. Each month with a similar amount to unlock. This unlocking event sees two beneficiaries:

  • 12.75 million tokens or $16.83 million to the core contributors. 
  • 11.41 million tokens or $15.05 million to investors.

So, there could be some selling pressure here. This may see a price drop. However, this can also be a good entry point

#3: Aptos (APT)

The third biggest unlock in September is for Aptos. It’s due for the 12th September, so rather soon. The unlocking event sees 1.98% of their circulating supply getting unlocked. That’s 4.54 million APT or $24.85 million.

So far, Aptos only unlocked 18% of their total locked supply. In November, we will see the first big token unlocks for Aptos. We will see six big monthly token unlocks, until April 2024. That’s where I expect some negative price impact on APT.

However, let’s get back on track. Their last unlocking event was on 12th August. The APT price dropped from $7.20 on the 12th to $5.52 on the 18th August. Currently, the price is $5.29, so there hasn’t been too much movement. This unlocking event sees two beneficiaries:

  • 1.33 million APT or $7.29 million goes to the Foundation.
  • 3.21 million APT or $17.56 goes to the community.

In total, Aptos reserved 51% of their tokens for the community. There are quite some rumors floating around about a second airdrop. However, there’s no date and no description on how to qualify for this potential airdrop.

My advice is to get interact with dApps on the Aptos chain. Go to their NFT marketplaces and trade NFTs. Also, you can bridge money into Aptos and of course, create Aptos wallets. For instance, Martian or Pontem.

Do you own any of the mentioned tokens? How do you see the unlocking events for these tokens? Sit still and hodl or as a great entry opportunity? Let me know in the comments.

– For more cryptocurrency news, check out the Altcoin Buzz YouTube channel.

– Unlock the key to managing your crypto portfolio like a PRO! Our top analysts bring you exclusive insights and the latest updates on cryptocurrency trading. Join Altcoin Buzz Alpha on Youtube or Patreon for just $15/month! 

Disclaimer
The information discussed by Altcoin Buzz is not financial advice. This is for educational, entertainment, and informational purposes only. Any information or strategies are thoughts and opinions relevant to the accepted levels of risk tolerance of the writer/reviewers and their risk tolerance may be different than yours. We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence. Copyright Altcoin Buzz Pte Ltd.

The post Don’t Buy These Altcoins! (MASS CRYPTO UNLOCKS) appeared first on Altcoin Buzz.

FOLLOW US ON GOOGLE NEWS

Read original article here

Denial of responsibility! Web Times is an automatic aggregator of the all world’s media. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials, please contact us by email – webtimes.uk. The content will be deleted within 24 hours.

Leave a Comment