Token unlocks are a big event coming up in the world of cryptocurrency that investors in the market need to pay attention to. This event’s possible influence on the market supply of three cryptocurrencies—Ethena (ENA), Galxe (GAL), and Hashflow (HFT)—could result in a bearish trend in the sector. Based on information gathered by the Token Unlocks App, a significant amount of these tokens—roughly $58 million worth—are anticipated to be unlocked in the next few days.
Let’s examine the three cryptocurrencies that are anticipating significant supply pressure in the near future as a result of token unlocks.
Eethena (ENA)
Based on information provided by the Unlocks App, Ethena (ENA) will be spared the effects of a $47 million token unlock. 53.6 million ENA, or 3.62% of the total supply in circulation, will be released into the market on June 1 at 11:00 PM UTC. Given that traders frequently see greater supply as a bearish indication, this might result in a dramatic shift in the price action of ENA.
In the meantime, ENA’s price is currently trading at $0.8896 after rising 2.69% over the previous day. Its daily highs and lows are $0.9075 and $0.8642, respectively.
Galxe (GAL)
Galxe (GAL) is another cryptocurrency that will be subject to unlock worth $7.32 million coins. The data indicates that on June 5 at 12:00 AM UTC, 2.03 million GAL, or 1.76% of the total supply, will be unlocked.
On the last day, GAL’s price dropped by 2.77% to $3.61. For the day, its bottoms and tops cost $3.61 and $3.78, respectively. As was already noted, a large increase in supply could cause a price collapse.
Hashflow (HFT)
The HFT token is the final cryptocurrency on the list that traders should avoid trading this week. The data indicates that HFT will see a $3.96 million token unlock. 13.85 million HFT tokens, or 3.41% of the total supply, will be unlocked on June 7 at midnight UTC. This substantial sum may result in a more notable change in price movement.
The HFT token fell 1.74% on the previous day to trade at $0.2892 as of this writing. Its 24-hour high is $0.2995, while its 24-hour low is $0.2891.
