Altcoins
3 Altcoins will be skipped this week due to token unlocking
The cryptocurrency field is bracing for another dynamic shift in the prices of some altcoins as mass token unlocking threatens the crypto horizon. Over the coming week, three cryptocurrencies remain poised to bear the brunt of increased supply pressure, which could lead to increased 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 should be noted that token unlocking refers to the strategic release of previously locked tokens to the market. These tokens, when released after the lock-up period, also known as 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) crypto remains firm and will witness a token unlock on May 31. According to information from the Token Unlocks app, $79.61 million worth of OP tokens will be released on the mentioned date, worth $79.61 million. 2.88% of the circulation supply. This unlocking could lead to a paradigm shift in OP pricing.
However, it is worth mentioning 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 crypto expected 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, which equates to 11.9% of the circulating supply.
Crypto market enthusiasts expect this massive unlock to cause a wave of bearish turns for DYDX price. Meanwhile, the token’s 24-hour lows and highs were recorded at $1.968 and $2.133, respectively.
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ISU
Trading at $1.0641, down 1.34% from yesterday, Sui is another crypto that remains poised for a gigantic token unlock. According to data that emerged in the market, $68.79 million worth of SUI tokens will be released on June 1, representing 2.8% of the circulating supply. This release should also generate very volatile price developments for SUI.
Additionally, recent studies highlight that unlocking tokens equivalent to more than 1% of the circulating supply has a significant influence on a crypto’s price movements. Crypto market participants continue to closely monitor these tokens amid the token unlocking.
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