The altcoin market has been experiencing turmoil, with major altcoins recording declines. According to analyst Altcoin Buzz, there is a possibility they may continue to drop. This is due to over 40 projects in the crypto space scheduled to release more than $750 million worth of tokens. This large influx of tokens could lead to considerable sell-offs. Here’s a list of altcoins to steer clear of.
Aptos (APT)
The first scheduled unlock is from Aptos, a recurring project. It is a layer-one blockchain designed for scalability, reliability, and security. Aptos aims to provide faster transaction speeds and lower costs, making it suitable for various decentralized applications.
On July 12th, they plan to unlock 11.31 million APT tokens worth $77 million, constituting 2.59% of the project’s circulating supply. These tokens are allocated to its foundation, community, core contributors, and investors. The three-month chart shows a drop in price, from around $14 to below $6. This recent unlock could continue to put downward pressure on the price.
Arbitrum (ARB)
Next on the list is Arbitrum, a layer-two scaling solution for Ethereum designed to improve transaction speeds and reduce costs. Arbitrum uses optimistic rollups to enhance Ethereum’s efficiency and scalability.
In May, Arbitrum released $95 million, followed by $105 million in June. On July 16th, they plan to release another $75 million in tokens for its team, advisors, and investors. Since March, the price of ARB has dropped significantly, from an all-time high of $2.27 to around $0.63.
AltLayer (ALT)
Lastly, the decentralized protocol AltLayer is set to unlock 684 million ALT tokens worth about $125 million on July 25th. These tokens are allocated to its team, investors, advisors, protocol development, treasury, ecosystem, and community. The price of ALT has dropped significantly, and the upcoming unlock is likely to add more downward pressure.
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