Significant projects are releasing nearly $200 million worth of tokens this week.
Galxe is set to unlock $6.67 million on July 5. The last token unlock caused a dump, and investors should be cautious of this one.
Hashflow (HFT) unlocked $3 million on July 7, and the same happened with the last unlock when HFT was dumped by 34%.
Ethena is set to unlock $7.8 million on July 7, and the market looks primed for a bullish recovery above $0.48.
This week is set to see another wave of token unlocks, with significant projects set to release nearly $200 million worth of tokens.
Despite being scheduled and meticulously released to reduce the effects of market floods and market manipulation, token unlocks sometimes have unwanted effects on token prices.
Here are some of the significant token unlocks set to happen this week and what investors should know about them.
Unlock Date: July 5
Number of Tokens Unlocked: 3 million GAL
Current Circulating Supply: 115 million GAL
According to Token Unlocks, Galxe is set to start its token unlock around July 5 and will release around 3 million $GAL, worth $6.67 million, into the market.
Crash on GAL
It should be noted that the previous unlocking event on June 5 released $7.48 million into the market, right before a 42% price crash on $GAL, as shown above.
Investors should keep an eye out for what happens on July 5 to either exit the market, restrategize or enter a highly profitable shorting opportunity.
Unlock Date: July 7
Number of Tokens Unlocked: 13.62 million HFT
Current Circulating Supply: 406 million HFT
According to Token Unlocks, Hashflow is also set to release 13.62 million HFT worth around $3 million on July 7.
HFT in history
Interestingly, we have the same trend on Hashflow, with a 34% price crash after the last unlock on June 7, which saw around $4.3 million worth of tokens released.
Hashflow is expected to increase the circulating supply of $HFT tokens by 3.3%, with tokens that will be released to its early investors, the community and the core team.
Unlock Date: July 7
Number of Tokens Unlocked: 14.89 million ENA
Current Circulating Supply: 1.61 billion ENA
Ethena is also set to release 14.89 million ENA on July 7, all of which is worth around $7.8 million according to Token Unlocks.
Ethena in the charts
According to the charts above, the last token unlock happened only last week, on June 30, and released $14.89 million ENA worth $7.26 million.
Unlike the other two tokens, however, the token unlock helped the cryptocurrency rebound from its more than three-month freefall at the $0.48 price level.
If history is any indication, we might see this recovery trend continue on the cryptocurrency, leading further up towards $1.
However, this outlook will become invalidated if we see a break below $0.48.
Other notable token unlocks coming throughout next week and in July include Maverick Protocol (MAV), ZetaChain (ZETA), and Acala (ACA), all of which are set to release more than $120 million worth of tokens collectively.
Disclaimer: Voice of Crypto aims to deliver accurate and up-to-date information but will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.