Altcoin Market Experiences Turmoil as Major Altcoins Record Declines

The altcoin market has been experiencing turmoil, with major altcoins recording declines. According to analyst Altcoin Buzz, there is a possibility they

Major altcoins have been largely in the red over the past few months. According to analyst Altcoin Buzz, there is a high chance that they may continue to drop. This is because over 40 projects in the crypto space are scheduled to release more than $750 million in tokens. This large influx of tokens could lead to 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. These tokens, valued at $77 million, constitute 2.59% of the project’s circulating supply. The tokens are allocated to the Aptos foundation, community, core contributors, and investors.

A look at the three-month chart shows a drop in price, moving 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. It is designed to improve transaction speeds and reduce costs on the Ethereum network. 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, which will be allocated to its team, advisors, and investors.

Since March, the price of ARB has dropped significantly, moving 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 on July 25th. These tokens, valued at about $125 million, 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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