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Home»ALTCOIN NEWS»Price growth of Worldcoin and two other crypto projects may stall due to significant token unlocks: IntoTheBlock
ALTCOIN NEWS

Price growth of Worldcoin and two other crypto projects may stall due to significant token unlocks: IntoTheBlock

By Crypto FlexsJuly 16, 20243 Mins Read
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Price growth of Worldcoin and two other crypto projects may stall due to significant token unlocks: IntoTheBlock
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Cryptocurrency analytics firm IntoTheBlock has warned that mass token unlocks could undermine the performance of several altcoins in the future.

IntoTheBlock notes that around $25 million worth of Bitcoin (BTC) is “unlocked” or mined every day, an amount that can easily be absorbed by the massive and liquid market that is the king of cryptocurrencies.

On the other hand, projects like Sam Altman’s “proof of identity” project Worldcoin (WLD), decentralized finance (DeFi) platform Stargate Finance (STG), and layer-two blockchain Mantle (MNT) are implementing daily token unlocks that account for a relatively large portion of their market cap, according to the companies’ data.

IntoTheBlock points out that the price performance of WLD, STG, and MNT may be degraded due to the amount of new tokens being issued each day.

“This chart shows the daily linear unlocks for the top assets.

$24.9 million worth of BTC is unlocked every day, but the impact on market cap is minimal.

Stargate, Worldcoin, and Mantle have significant unlocks relative to their market cap, posing a potential risk of market cap dilution.”

Into the Block/X

The company shared another chart showing upcoming token unlocks, including a massive unlock for its cross-chain interoperability protocol Wormhole (W), which will amount to 33% of the total market cap.

“The following chart shows the upcoming token unlocks and what portion of the supply will be unlocked.”

video
Source: IntoTheBlock

From a more bullish perspective, IntoTheBlock reports that the net flow from oracle service Chainlink (LINK) to cryptocurrency exchanges has been negative for the past two weeks. Flows out of cryptocurrency exchanges are generally interpreted as bullish, suggesting that there is less supply to exert selling pressure.

“LINK exchange inflows have been negative over the past two weeks, with approximately $110 million worth of LINK withdrawn from exchanges during that period.

This activity is typically associated with an accumulation phase, indicating that investors are pulling LINK out of exchanges and moving it into long-term holdings.”

video
Source: IntoTheBlock/X

As of this writing, LINK is trading at $13.77, up more than 5% on the day.

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Disclaimer: The opinions expressed on The Daily Hodl are not investment advice. Investors should do their own due diligence before making any high-risk investment in Bitcoin, cryptocurrencies or digital assets. Your transfers and transactions are at your own risk and any losses you may incur are your own responsibility. The Daily Hodl does not recommend buying or selling cryptocurrencies or digital assets and The Daily Hodl is not an investment advisor. The Daily Hodl participates in affiliate marketing.

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