Altcoins
3 Altcoins to Avoid Trading This Week Due to Token Unlocking
The cryptocurrency realm is preparing for another dynamic shift in the prices of some altcoins as massive token unlocks loom over the market. cryptocurrency horizon. In the coming week, three cryptocurrencies remain poised to bear the brunt of increased supply pressure, which could lead to more price turbulence. Here is a list of 3 cryptocurrencies to avoid trading this week, mainly due to the upcoming token unlock.
3 Altcoins to Avoid Trading This Week
It is worth noting that token unlocks refer to the strategic release of previously locked tokens into the market. These tokens, once released after the blocking period, i.e. the vesting period, become available for trading activities. Below are the three tokens that remain ready to witness this phenomenon.
Optimism (OP)
Trading at $2,541, down 0.37% from yesterday, the Optimism (OP) cryptocurrency is on hold and seeing the token unlock on May 31. According to insights from Token Unlocks app, $79.61 million worth of OP tokens will be released on the mentioned date. 2.88% of the circulating supply. This unlocking could lead to a paradigm shift in OP pricing.
However, it is worth remembering that the token’s 24-hour lows and highs are $2,506 and $2,604.
DYDX
Trading at $2,084, up 2.97% from yesterday, DYDX is another cryptocurrency that is about to witness a massive unlock. According to data from the Token Unlocks app, DYDX will see $69 million worth of tokens unlocked on June 1, representing 11.9% of the circulating supply.
Cryptocurrency market enthusiasts expect this massive unlock to trigger a wave of bearish turns for the price of DYDX. Meanwhile, the token’s 24-hour lows and highs were recorded at $1,968 and $2,133, respectively.
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SUI
Traded at $1.0641, a decline of 1.34% from yesterday, Come on is another cryptocurrency that is ready to experience a giant token unlock. According to data emerging on the market, on June 1st SUI tokens worth 68.79 million dollars will be unlocked, equal to 2.8% of the circulating supply. This unlock is also expected to generate highly volatile price action for SUI.
Furthermore, recent studies highlight that token unlocks equivalent to more than 1% of the circulating supply have a significant influence on a cryptocurrency’s price movements. Cryptocurrency market participants continue to keep an eye on these tokens as they unlock tokens.
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