3 Altcoins To Skip Trading This Week Due To Token Unlocks
Highlights
- Massive token unlocks loom to take place in the coming week.
- OP, DYDX, and SUI tokens to be avoided trading.
- Token unlocks pose a significant risk to prices.
The cryptocurrency realm braces for yet another dynamic shift in prices of certain altcoins as massive token unlocks loom over the crypto horizon. In the coming week, three cryptocurrencies remain poised to bore the brunt of increased supply pressure, which could result in heightened turbulence in prices. Here’s a list of 3 cryptocurrencies to steer clear of trading this week, primarily due to the upcoming token unlocks.
3 Altcoins To Skip Trading This Week
It’s worth noting that token unlocks refer to the strategic release of previously locked tokens into the market. These tokens, when released after the locking period, aka vesting period, become available for trading activities. Listed below are the three tokens that remain poised to witness this phenomenon.
Optimism (OP)
Trading at $2.541, down 0.37% from yesterday, Optimism (OP) crypto stands firm to witness a token unlock on May 31. As per insights from the Token Unlocks App, $79.61 million worth of OP tokens will be released on the mentioned date, worth 2.88% of the circulation supply. This unlock could bring about a paradigm shift in OP’s price.
Whereas, it’s 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 that stands to witness a massive unlock. According to data from the Token Unlocks App, DYDX will witness the unlock of $69 million worth of tokens on June 1, equivalent to 11.9% of the circulating supply.
Crypto market enthusiasts expect this massive unlock to bring about a wave of bearish turns for DYDX’s price. Meanwhile, the token’s 24-hour lows and highs were recorded to be $1.968 and $2.133, respectively.
Also Read: Shiba Inu (SHIB) Exec Predicts Major Win Beyond “Shitcoin”
SUI
Trading at $1.0641, a 1.34% dip from yesterday, Sui is another crypto that remains poised to experience a gigantic token unlock. As per data surfacing within the market, $68.79 million worth of SUI tokens will be unlocked on June 1, worth 2.8% of the circulating supply. This unlock is also expected to generate a highly volatile price action for SUI.
Further, recent studies point out that token unlocks equivalent to more than 1% of the circulation supply have a significant influence on a crypto’s price movements. Crypto market participants continue to extensively eye these tokens amid token unlocks.
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