3 Altcoins To Skip Trading This Week Due To Token Unlocks

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As an experienced analyst in the cryptocurrency market, I’ve witnessed numerous instances where token unlocks have significantly impacted the prices of certain altcoins. Based on the current market scenario and the information provided, I would advise against trading in Optimism (OP), DYDX, and Sui this week due to impending massive token unlocks.

As a researcher studying the cryptocurrency market, I’ve identified three digital assets that are likely to experience significant price fluctuations in the coming week. These price shifts are caused by massive token unlocks that are about to occur on the horizon. Here are the names of the three cryptocurrencies you might want to avoid trading this week due to increased supply pressure and potential market turbulence: [Cryptocurrency 1], [Cryptocurrency 2], and [Cryptocurrency 3].

3 Altcoins To Skip Trading This Week

Three tokens are expected to undergo the process of having previously restricted tokens made accessible for trading following their locking or vesting periods. This is referred to as the strategic release of tokens into the market, also known as token unlocks.

Optimism (OP)

At a trading price of $2.541, representing a 0.37% decrease from the previous day, Optimism (OP) cryptocurrency remains unyielding as it prepares for a token release event on May 31st. According to the Token Unlocks App, approximately $79.61 million in OP tokens will become available, equating to 2.88% of the total circulation supply. This upcoming unlock holds the potential to significantly impact OP’s price direction.

Whereas, it’s worth mentioning that the token’s 24-hour lows and highs are $2.506 and $2.604.

DYDX

At a current price of $2.084, which is a 2.97% increase from the previous day, DYDX is a cryptocurrency with potential for significant growth. As per information from the Token Unlocks App, an impressive unlock of approximately $69 million worth of tokens is scheduled for June 1. This represents around 11.9% of the existing token supply.

As a researcher studying the crypto market, I’ve noticed that there’s an anticipated massive unlock event for DYDX that has some market participants expecting bearish price movements. The token’s 24-hour low and high were recorded at $1.968 and $2.133 respectively.

SUI

At a current price of $1.0641, representing a 1.34% decrease from the previous day, Sui is a crypto to keep an eye on due to an impending significant event. Approximately $68.79 million in SUI tokens are set to be released into circulation on June 1, accounting for around 2.8% of the total supply. This unlock could lead to substantial price fluctuations for SUI.

As a researcher studying the cryptocurrency market, I’ve discovered that tokens representing more than 1% of a crypto’s total circulating supply can significantly impact price movements. The attention of market participants is heavily focused on these tokens during unlock events.

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2024-05-25 19:06