Developments to Watch in Cryptocurrency Markets
Recently, cryptocurrency markets continue to offer attractive buying opportunities to investors following various corrections. However, not every asset may be suitable for this strategy. In the upcoming week, some crypto assets will face significant token unlocking processes. This situation could seriously affect price dynamics. Therefore, it is emphasized that caution should be exercised regarding these assets, especially those sensitive to volatility. In this article, cryptocurrencies such as Aptos (APT coin), Conflux (CFX), and Cheelee (CHEEL) that will come to the forefront with token unlocking processes next week will be examined in detail.
Massive Unlocking Events for Aptos (APT Coin)
Aptos (APT), a relatively new player in the cryptocurrency market, will conduct a significant token unlocking operation next week. On September 12, 11.31 million tokens will be released into circulation. This amount corresponds to 2.32% of Aptos’s total market value and poses a risk of putting pressure on the circulating supply. Currently, 34.6% of the total supply (approximately 385.55 million APT coins) is in circulation, while the remaining 55.1% is still locked. It is known that token unlocking operations generally exert downward pressure on prices, which is a concern for Aptos investors.
Although Aptos announced significant collaborations recently during Korea Blockchain Week, price volatility has remained below expectations. The collaboration with Arculus, in particular, aims to add a “tap-to-pay” payment system to the platform. While this development has the potential to expand the token’s use cases, it has proven insufficient to mitigate the effects of the existing price pressure. Currently, Aptos is trading at around $5.78, experiencing a decline of more than 1% on a daily basis. Over the past week, the price of APT coin has decreased by 14%.
Conflux (CFX) is Also on the List
In addition to Aptos, another cryptocurrency to watch next week is Conflux (CFX). Conflux has managed to stay in the spotlight, particularly with potential high-profile partnership news. However, the token unlocking operation scheduled for September 9 is expected to lead to significant price fluctuations. This unlocking process will release 87.49 million CFX tokens, which corresponds to 2.01% of the total market value. Currently, 85.5% of the total supply is in circulation, while the remaining 4.74% is still locked.
Like Aptos, Conflux has also experienced a significant price correction recently. In the long term, the collaboration with Alibaba Cloud creates positive expectations with the goal of spreading Web3 solutions across different sectors. The development of Web3 solutions, particularly in areas such as retail, tourism, entertainment, and education, stands out as a factor that enhances Conflux’s long-term potential. However, in the short term, fluctuations in token price are likely due to the unlocking process. Currently, CFX is trading at around $0.125, having recorded a 7% decrease over the past week.
Cheelee (CHEEL) is the Last Coin on the List
Aside from Aptos and CFX, another noteworthy token is Cheelee (CHEEL). Cheelee is known as a network that has been constantly conducting unlocking operations in recent months. In the next unlocking operation scheduled for September 10, 11.66 million CHEEL tokens will be released into the market. This amount corresponds to 21% of the current market value and has the potential to significantly increase the circulating supply.
