Token

Hashflow

Galxe

Ethena

<p>The world of <a href="https://coingape.com/glossary/cryptocurrency/" target="_blank" rel="noopener">cryptocurrencies</a> is about to witness a significant event that demands the attention of crypto market investors-token unlocks. This event could potentially impact the market supply of three cryptocurrencies, Ethena (ENA), Galxe (GAL), and Hashflow (HFT), leading to a bearish trend in the industry. According to insights from the Token Unlocks App, these tokens are expected to experience massive unlocks, with approximately $58 million worth of coins collectively set to be released in the coming days.</p> 
<p>Let’s take a closer look at the three cryptocurrencies that are bracing for a substantial increase in supply pressure in the near future due to token unlocks.</p> 
<h2 id="eethena-ena">Eethena (ENA)</h2> 
<p>According to the insights offered by the <a rel="nofollow" href="https://token.unlocks.app/" target="_blank">Token Unlocks App</a>, Ethena (ENA) will absorb the impact of a $47 million token unlock. On June 1 at 11:00 PM UTC, 53.6 million ENA, equivalent to 3.62% of the circulating supply, will be released into the market. This could bring about a significant shift in ENA’s price action, as increased supply is often viewed as a bearish sign among traders.</p> 
<p>Meanwhile, ENA’s price jumped 2.69% over the past day and is trading at the $0.8896 price level. Its daily peaks and lows are $0.8642 and $0.9075, respectively.</p> 
<h2 id="galxe-gal">Galxe (GAL)</h2> 
<p>Galxe (GAL) is another crypto that will face a token unlock worth $7.32 million coins. According to the data, 2.03 million GAL, worth 1.76% of the <a href="https://coingape.com/glossary/circulating-supply/" target="_blank" rel="noopener">circulating supply</a>, will be unlocked on June 05, at 12:00 AM UTC.</p> 
<p>GAL’s price dipped 2.77% in the past 24 hours to $3.61. Its bottoms and tops for the day are $3.61 and $3.78, respectively. As mentioned above, a significant increase in supply could potentially drive the price to a slump.</p> 
<p><strong>Also Read: <a href="https://coingape.com/xrp-whales-accumulate-100m-coins-binance-price-rally-inbound/" target="_blank" rel="noopener">XRP Whales Accumulate 100M Coins From Binance, Price Rally Inbound?</a></strong></p> 
<h2 id="hashflow-hft">Hashflow (HFT)</h2> 
<p>The last crypto on the list that traders would want to avoid trading this week is the HFT token. According to the data, HFT is set to witness a token unlock worth $3.96 million. On June 07 at 12:00 AM UTC, 13.85 million HFT tokens will be unlocked, worth 3.41% of the circulating supply. This significant amount could bring a more remarkable price action shift.</p> 
<p>As of writing, the HFT token traded at $0.2892, down 1.74% over the past day. Its 24-hour lows and highs are $0.2891 and $0.2995, respectively.</p> 
<p><strong>Also Read: <a href="https://coingape.com/japanese-crypto-exchange-dmm-bitcoin-loses-300-million-worth-of-btc-in-latest-leak/" target="_blank" rel="noopener">Japanese Crypto Exchange DMM Bitcoin Loses $300 Million Worth of BTC In Latest Leak</a></strong></p> 
<p>The post <a href="https://coingape.com/3-cryptocurrencies-to-refrain-trading-as-token-unlock-approaches/">3 Cryptocurrencies To Refrain Trading As Token Unlock Approaches</a> appeared first on <a href="https://coingape.com">CoinGape</a>.</p>

3 Cryptocurrencies To Refrain Trading As Token Unlock Approaches

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