3 cryptocurrencies to avoid amid $130 million in token unlocks
The post 3 cryptocurrencies to avoid amid $130 million in token unlocks appeared on BitcoinEthereumNews.com.
Three cryptocurrencies will unlock over $130 million in tokens this week, which cryptocurrency traders should avoid having substantial exposure to. These unlocks have the potential to flood the market, leading to increased selling pressure and significant price fluctuations. On June 26, Finbold retrieved data from the TokenUnlocks.app, which shows $198.42 million in the seven-day cliff unlocks. Notably, this week’s three leading protocols will release $137.02 million in tokens, accounting for 69% of the total. Fifteen projects make up the “next seven days cliff unlocks.” Cliff Unlocks Next 7D. Source: TokenUnlocks.app Moreover, Ripple will unlock 1 billion XRP on July 1, worth $470 million, as it does monthly. Finbold already covered Ripple‘s unlock in a unique report published today. Optimism’s (OP) $55M token unlock First, investors should avoid trading Optimism (OP), the popular second layer for Ethereum (ETH), amid a potential sell-off incoming. On June 30, the protocol will unlock 31.34 million OP tokens currently worth $55.16 million. Interestingly, the network unlocked the same amount of tokens on May 31, worth $80.23 million, as Finbold reported. Optimism’s unlock represents a nearly 3% supply inflation that repeats every month with slight variations. Core protocol contributors will receive 16.54 million OP worth $29.11 million, while private investors will get $26.05 million to realize their monthly profits over retail buyers. The nominal values of the received amounts were $42.35 million and $37.89 million, respectively, last month. OP token unlocks on June 30. Source: TokenUnlocks.App Sui Network’s (SUI) $54.6M token unlock Another cryptocurrency to avoid trading due to recurrent monthly token unlocks is Sui Network (SUI). The competing layer-1 blockchain developed by former Meta Platforms (NASDAQ: META) engineers will inflate its supply by 2.7% this month. On July 1, the protocol will unlock 64.20 million SUI for private investors, the development team, and the Mysten…
Filed under: News - @ June 26, 2024 9:14 pm