SWEAT, CIRX, Whitebit Crypto Prices Will Plummet Amid $450M Weekend Unlocks
The altcoin market might get hit hard this weekend as three prominent tokens—SWEAT, CIRX, and WhiteBIT exchange—prepare for a major $450m token unlock.
You might think that’s a good thing if you’re new to crypto! It’s not. It rarely ever is.
Past occurrences of token unlocks often trigger price fluctuations, a pattern likely to continue with this week’s anticipated events.
WhiteBIT Exchange Token (WBT) Unlock: What to Expect
Europe’s premier crypto platform, WhiteBIT, is set to unveil its native token, WBT, in the coming days.
Founded in 2018, WhiteBIT stands out with its extensive offering of over 350 trading pairs, striving to democratize cryptocurrency usage for everyone.
Studies show that minor unlock events, where the circulating supply rises by under 1%, typically have little to no impact on token prices.
In contrast, significant unlocks, boosting the circulating supply by over 1%, can significantly drive prices down, as in the case of the WhiteBIT exchange.
Sweat Economy and Its Impact on SWEAT Token
Sweatcoin, the creator of the activity-based app that incentivizes movement, is also poised for a token unlock this week.
The app has surged in popularity, resonating particularly well as 79% of Americans committed to health goals in 2024, per Pew Research Center.
At the core of the Sweat Economy lies the SWEAT token, shaping a crypto realm centered on daily exercise that a person gets.
Yet, as the token unlock looms, investors must prepare for likely price dips resulting from the augmented token supply.
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Additional Token Unlocks This Month
Besides tomorrow’s WhiteBit Exchange, SWEAT, and CIRX token unlocking, July is packed with other significant token unlock events.
As per CryptoRank, upcoming token unlock events are expected to release $3 billion in digital assets.
Key Unlock Events:
- AltLayer is set to release roughly 684 million tokens on July 25, valued at $119 million, constituting 22% of its market cap.
- Aptos and Arbitrum will continue their monthly releases, totaling $150 million in unlocked tokens.
- Worldcoin will embark on a daily release of 6.62 million WLD tokens from July 24, translating to approximately $18 million per day over 730 days.
- On July 16, Uniswap (UNI) will release 8.33 million UNI tokens worth $77.88 million.
- Starting on July 27, Ronin will unlock 35.71 million RON tokens valued at $76.32 million.
With the market anticipating these major unlocks, it’s imperative for investors to remain informed and exercise caution as the influx of new tokens could lead to price fluctuations, offering both risks and rewards.
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Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
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