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Top analysts say these cryptocurrencies could face selling pressure that would lead to a drop in prices
Crypto analyst Thor Hartvigsen has warned of the impending selling pressure that some crypto tokens may face. Some holders have already taken note of the situation and are looking to offload their holdings and rotate their capital towards healthier crypto tokens. ETFSwap (ETFS) emerged as the best option to buy, after taking a look at its offering and seeing how the project could be community-driven
Some Altcoins are at risk of potential price declines
Hartvigsen noted in an X (ex Twitter) send that some altcoins are already seeing a “massive increase” in their supply just four months into the year. He compiled a list of 17 tokens that fell into this category. This included Jupiter (JUP), Ethena (ENA), Ondo (ONDO), and Wormhole (W), among others.
Interestingly, these tokens and the others on the list are relatively new (having all launched this year), which raises concerns as to why the respective teams are already injecting more tokens into their existing offering. While their reasons remain unknown, it paints a negative picture and is a move that could lead to significant selling pressure on the tokens.
Furthermore, because they are new tokens, they have yet to achieve the kind of stability that could make them immune to some large whale transactions. As an example, Arbitrum (ARB), launched last year, also saw a significant price drop following the March and April token unlocks of over 1 billion and 92 million Arbitrum (ARB) tokens respectively.
These crypto tokens appear to already be feeling the impact of this inflationary action. Jupiter (JUP)for example, it is down nearly 50% from its all-time high (ATH) of $2. Ethena (ENA), Ondo (ONDO)AND Wormholes (W) they are also down 43%, 24% and 62% respectively from their all-time high.
Cryptocurrency Investors Have Chosen ETFSwap (ETFS)
With crypto tokens like Jupiter (JUP) at risk of significant price drops, cryptocurrency investors have identified ETFSwap (ETFS) as a healthier project to invest their funds. This has increased demand for the ETFSwap (ETFS) token in Phase 1 of its ongoing presale.
These investors considered various factors before concluding that ETFSwap (ETFS) is undoubtedly a healthier crypto project. One is its tokenomics, with 40% of the total token supply reserved for public sale. This means that the community is required to control the majority of the tokens in circulation and can rest assured that the team will not try to take advantage of them to the detriment of its users.
Another factor is that ETFSwap (ETFS) it is a deflationary token. ETFSwap, the platform behind the token, sends the 1% purchase fee to a burn wallet, permanently eliminating these ETFSwap (ETFS) tokens from circulation. This burning mechanism will help reduce the circulating supply of ETFSwap (ETFS) and reduce overtime, thus increasing the value of the crypto token.
This is partly why cryptocurrency experts say ETFSwap (ETFS) could eventually rise to $5, a 58,000% gain from its current price of $0.00854 in the token’s ongoing Phase 1 presale. Cryptocurrency investors have also taken this into consideration and realized that they could potentially earn a return of 581 times their initial investment.
The unique offering of ETFSwap (ETFS) is another thing that has fascinated crypto investors towards the crypto token. The decentralized finance (DeFi) platform offers Web3 natives the opportunity to invest in tokenized exchange-traded funds (ETFs), allowing them to diversify their portfolio beyond cryptocurrencies.
ETFSwap has already clarified that users must hold a certain amount of ETFS before accessing this offering. Therefore, some have purchased the ETFSwap (ETFS) token to invest in these traditional assets once the platform launches.
The ETFSwap (ETFS) token presale was undoubtedly a huge success. Given the way cryptocurrency investors have continued to purchase the token, it seems likely that Phase 1 of the presale will end sooner rather than later. Therefore, those who are yet to invest must act quickly to make the most of this life-changing opportunity.
For more information on ETFS presale:
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