Altcoins Drop Ahead of Massive Token Unlocks Worth $650 Million
Several major alternative cryptocurrencies, including DYDX, OP, and SUI, experienced significant drops in price ahead of their scheduled token unlocks, which will increase their supply and allow early investors to sell tokens. According to Token.Unlocks and CryptoRank, altcoins are facing almost $650 million worth of supply increases this week. Large unlocking events often lead to price declines due to the increased supply outpacing investor demand for the asset. Bitcoin was down 0.7% during the same period, while the broad-market crypto index CoinDesk Market Index (CMI) declined 1.5%.
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