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Red alert for these 10 altcoins: Investors beware!
Bitcoin's (BTC) relatively good level has started to scare investors despite developments in some altcoins.
Bitcoin, which is trading around $67,000, continues to push the altcoin market to higher levels. Many altcoins have gained more than 10% in just a few days. However, investors are already getting worried about some projects' upcoming key developments. Especially the presence of names like ARB and AVAX on the list has energized the Turkish crypto ecosystem.
1- Pyth Network (PYTH)
On May 20th, Pyth Network, which will unlock, will release 2.13 billion tokens ($943.42 million) to the market. PYTH, which investors are turning to in order to benefit from airdrops in the Solana ecosystem, seems to be facing selling pressure at the moment.
2- Arbitrum (ARB)
Arbitrum, which is well-known in the Turkish crypto ecosystem, will have a key unlock on May 21st. It is not expected to see significant selling pressure in the market with the release of 497,140 ARB tokens ($514,040). However, the downward trend of ARB may increase selling transactions during this process.
3- Avalanche (AVAX)
Avalanche, which has recently been attracting attention with its weak performance, will unlock 9.54 million tokens ($347.7 million) on May 22nd. Not only among major coins, but also compared to the overall market, AVAX, which has been relatively quiet, may suffer a blow with this unlocking.
4- Space ID (ID)
Space ID, which performs unlocking in a regular manner, will release 18.49 million tokens (13.71 million dollars) into the market on May 22nd. Although the amount of tokens to be unlocked is small, the fact that ID will periodically release tokens into the market can sometimes cause panic among investors.
5- 1inch (1INCH)
Another project that regularly unlocks tokens is 1inch (1INCH), which will unlock 21,430 tokens ($8,490) on May 23rd. It is not expected to have much impact on the market compared to other token unlockings. However, a possible decrease in BTC during this period may increase the sales of 1INCH.
6- Acala (ACA)
Acala, which has been worrying its investors with its bearish price performance for a while, will unlock 4.66 million tokens ($501,700) on May 25th. ACA, which will add 0.48% of the circulating supply to the market, is showing a stable movement as of the time of writing the news. ACA investors are eagerly awaiting short-term price movements.
7- Polkadot (DOT)
After a long hiatus, Polkadot, which has unlocked its lock-up, will release 401,230 tokens ($2.89 million) on May 26th. Considering the market value of DOT, this amount does not currently cause panic. However, the performance of BTC on the unlocking day will be decisive.
8- Nym (NYM)
Regular unlocking of another altcoin, NYM, will be performed on May 27th, unlocking 25 million tokens (3.98 million dollars). NYM, which is at low levels in terms of market value, will release 3.26% of the circulating supply into the market. It is highly likely that this development will create selling pressure in the market.
9- Yield Guild Games (YGG)
Yield Guild Games, which will unlock on May 27th, will release 16.69 million YGG (14.79 million dollars) into the market. This amount, equivalent to 4.51% of the circulating supply, understandably scared investors as the date approaches May 27th.
10- SingularityNET (AGIX)
The most remarkable project on the list, AGIX, will unlock 8.71 million tokens (8.48 million dollars) on May 28th. AGIX, one of the biggest names in artificial intelligence projects, will release 0.68% of the circulating supply into the market. It is eagerly anticipated how this development in AGIX will affect the currently strong artificial intelligence trend.
This article does not contain investment advice or recommendations. Every investment and trading activity involves risks, and readers should conduct their own research when making decisions.