Although the cryptocurrency market experienced a retreat, this was limited. A bullish sentiment prevails in the general market atmosphere. However, for various reasons, some cryptocurrencies remain in the risky zone. A key event that has the potential to greatly impact the prices of cryptocurrencies is the token-unlock event. Because the flow of tokens into the market increases the inflation of the circulating supply. Crypto analyst Vinicius Barbosa warns investors about 3 altcoins that will inject a large amount of tokens into the market next week.
Critical token unlock events!
cryptokoin.comAs you can see from , traders and investors follow token-unlock events closely. Because the release of tokens and their flow into the market increases the supply. Therefore, this puts pressure on the price of the relevant altcoin. That is, investors consider supply and demand dynamics to manage their risks. 3 token-unlock events planned for the future attract attention. These three projects will unlock $232 million of the $270.58 million worth of tokens in the next seven days.
Top altcoin: dYdX Protocol (DYDX)
DYDX is a decentralized exchange protocol. Altcoin stands out again as the token that investors should stay away from due to unlocking. DYDX also unlocked 33.34 million tokens worth $130 million on February 29. Now, the protocol will put the same amount of DYDX into circulation on March 31st. The current value of this amount is $117.33 million. This represents a loss of approximately 10% in DYDX’s price month over month.
When it comes to distribution, early investors will unlock the most. This is worth $65.07 million at the current price. Meanwhile, the team will have $35.83 million worth of DYDX to sell in the coming weeks. Additionally, a reserve worth $16.43 million will hold the remainder for future employees.
Echelon Prime (PRIME) comes in second place
Echelon Prime will also unlock a large amount of PRIME. 912,040 units of PRIME will go to Parallel Studios reserve, and 750,000 units will go to private investors. Therefore, it makes sense for investors to stay away from the token in the coming week due to expected selling volatility.
Last ranked altcoin: Sui Network (SUI)
Sui Network (SUI) has an unlock event on March 30. Therefore, it would be better for investors to stay away next week. Specifically, the protocol will release 4 million SUI worth $7.88 million into the community reserve. However, the altcoin will unlock a total of $76.07 million worth of tokens, which have not been fully disclosed.
The opinions and predictions in the article belong to the analyst and are definitely not investment advice. cryptokoin.com We strongly recommend that you do your own research before investing.
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