Altcoins Ready to Face the Heat of Over $350 Million Worth of Token Unlocks Looming Above the Upcoming Week

Token unlock refers to the timely release of previously locked cryptocurrencies into the market. This phenomenon primarily offers a supply increase to the asset

Several altcoins are poised to face token unlocks to the tune of over $350 million in the upcoming week. These unlocks could have bearish implications for the prices of the respective cryptocurrencies.

Here's a closer look at the upcoming token unlocks and their potential market impact.

For context, a supply increase can pose a risk to prices, prompting traders and investors to sell their holdings before the unlocks to avoid potential losses. This, in turn, could amplify the bearish market stance for these coins.

Highlighted below are 21 coins that are set to face this phenomenon.

YGG Token (YGG)

Currently trading at $0.4838, up 4.41% over the past day, the YGG token is set to experience a cliff unlock of 14.08 million coins, valued at $6.78 million. This unlock comprises 3.73% of the total circulating supply, posing a significant threat to price.

As per data from the Token Unlocks App, the mentioned unlock is scheduled to take place today, July 27, at 2 PM UTC.

Crypto market participants keep a close eye on these unlocks, especially since the release of 1% or more of the circulating supply can negatively impact the market dynamics.

Forta (FORT)

Meanwhile, the FORT token is preparing for the release of 50K coins, valued at $8.51K, into the market on July 28. This unlock is equivalent to a small fraction (0.01%) of the circulating supply.

FORT price traded at $0.170 today, up 1.90% in the past 24 hours. Its daily bottoms and peaks were recorded as $0.1646 and $0.1716, respectively.

SingularityNET (AGIX)

The AGIX crypto prepares for a token unlock of 8.45 million coins, valued at $4.68 million, on July 28. This unlock is equivalent to 1.35% of the coin’s total circulating supply.

AGIX price rested at $0.5614, down 0.84% in the past 24 hours. Its daily lows and tops were recorded as $0.5465 and $0.6589, respectively.

Ethena (ENA)

Simultaneously, the ENA crypto prepares to face the unlock of 14.89 million coins, valued at $6.81 million, on July 28. This unlock totals 0.87% of the crypto’s circulating supply.

ENA price traded at $0.4567, an increase of 3.46% over the past day. Ethena’s 24-hour bottoms and tops were $0.4359 and $0.4725, respectively.

Portal (PORTAL)

The PORTAL crypto prepares for a linear unlock of 860.44K coins per day for three days starting July 29. This is equivalent to 0.51% of the token’s circulating supply.

Portal price traded at $0.3964 today, up 7.54% in the past 24 hours. Its 24-hour lows and peaks were recorded as $0.3667 and $0.4004, respectively.

Tornado Cash (TORN)

The TORN crypto is all set to experience an unlock of 91.67K coins, equal to 2.41% of the circulating supply, on July 30. The value of this unlock totals $216.33K.

TORN price traded at $2.37 today, down 0.59% in the past 24 hours. Its 24-hour lows and peaks were $2.37 and $2.44, respectively.

Echelon Prime (PRIME)

The Echelon Prime coin will face an unlock of 750K PRIME, valued at $5.40 million, on July 31. This is equivalent to 1.75% of the circulating supply.

PRIME price traded at $7.40, down 1.20% over the past day.

Optimism (OP)

The altcoin OP readies for an unlock of 31.34 million coins, valued at $52.97 million, on July 31. This equals 2.79% of the coin’s circulating supply.

OP price traded at $1.74, an upswing of 0.58% over the past day.

Pendle (PENDLE)

Meanwhile, a linear

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