APT, XAI, and IMX: Could these three token unlocks lead to further decline?
|- $161 million worth of APT, XAI, and IMX are set to flood the market next week.
- Their prices may decline further following the unlock, as all three tokens are down over 5% in the past 24 hours.
- DYDX, NTRN, FORT and HNT are other tokens that will unlock new supplies in the coming week.
The crypto market will see a new wave of token unlocks in the coming weeks, with Aptos (APT), XAI, and Immutable (IMX) set to flood the market with $161 million worth of new supply. However, with these tokens currently experiencing drawbacks following the market's bearish outlook, the unlock event may spur further price drops.
APT, XAI, and IMX set for token unlock event
Many tokens are preparing for their unlock events next week, with APT, XAI, and IMX having the largest supply, according to data from the Token Unlocks.
Token unlocks are often associated with a decline in price, as the increased supply may dilute investors' existing holdings.
XAI network will host its unlock event on Monday, releasing $56.35 million worth of tokens to its community. APT will unlock $63.3 million worth of new tokens to add to its total supply, while IMX will release $41.57 million of its locked tokens. Altogether, the three tokens will unlock about $161 million worth of their tokens.
Notably, all three tokens are currently experiencing a price decline, and with the unlock event only a few days away, their prices could plunge further.
APT is currently trading at $5.60, down 7% on the day. The Layer 1 token has been experiencing sharp declines since March, erasing all its gains in 2024. Following news of a token unlock in April, APT's price declined 16%. With another token unlock event ahead, the APT's price may plunge even further.
XAI and IMX prices have decreased by 15% and 8.5%, respectively. IMX had previously released some of its locked tokens in April, but these did not significantly impact its price. However, its resistance would not last long, as IMX began seeing harsh declines in the following weeks.
Other tokens with upcoming token unlock events include NTRN, FORT, HNT, DYDX, 1INCH, and ENA. Interestingly, according to Crypto Koryo's data, DYDX, IMX, and APT were among the worst-performing tokens in the first half of the year.
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