- The cryptocurrency market is bracing for significant price shifts due to upcoming token unlocks.
- Investors are advised to avoid trading OP, DYDX, and SUI tokens this week.
- Token unlocks can lead to increased supply and potential price volatility.
Discover why crypto investors should steer clear of OP, DYDX, and SUI tokens this week due to impending token unlocks.
3 Altcoins to Avoid Trading This Week
Token unlocks refer to the scheduled release of previously locked tokens into the market. These tokens, once released after the vesting period, become available for trading, often leading to increased supply and potential price drops. Here are three tokens that are expected to experience significant unlocks this week.
Optimism (OP)
Trading at $2.541, down 0.37% from the previous day, Optimism (OP) is set to witness a token unlock on May 31. According to the Token Unlocks App, $79.61 million worth of OP tokens will be released, representing 2.88% of the circulating supply. This event could cause a notable shift in OP’s price. The token’s 24-hour lows and highs are $2.506 and $2.604, respectively.
DYDX
DYDX, currently trading at $2.084, up 2.97% from the previous day, is another cryptocurrency facing a massive unlock. Data from the Token Unlocks App indicates that $69 million worth of DYDX tokens will be unlocked on June 1, accounting for 11.9% of the circulating supply. This substantial release is expected to trigger bearish price movements. The token’s 24-hour lows and highs were recorded at $1.968 and $2.133, respectively.
SUI
SUI, trading at $1.0641, a 1.34% dip from the previous day, is also poised for a significant token unlock. Market data reveals that $68.79 million worth of SUI tokens will be unlocked on June 1, representing 2.8% of the circulating supply. This event is anticipated to cause high volatility in SUI’s price.
Conclusion
Token unlocks exceeding 1% of the circulating supply can significantly impact a cryptocurrency’s price. Investors should closely monitor OP, DYDX, and SUI tokens this week due to their impending unlocks, which are likely to introduce substantial price volatility. Staying informed and cautious can help navigate these turbulent market conditions.
