Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesCopyBotsEarn

Here is Which Cryptocurrencies Should You Avoid Next Week

Cryptodnes2024/07/08 05:37
By:Cryptodnes

Three cryptocurrencies are set to release over $170 million in tokens this week, posing potential risks for traders with significant exposure.

These unlocks could flood the market, creating heightened selling pressure and triggering substantial price fluctuations.

According to data from TokenUnlocks , upcoming seven-day cliff unlocks total $186.32 million, with three major protocols releasing $173.02 million, comprising 93% of the total.

The projects scheduled for token unlocks within the next seven days include Aptos (APT) , Xai (XAI), ImmutableX (IMX) , Ethena (ENA) , io.net (IO), dYdX (DYDX) , Moonbeam (GLMR), 1inch (1INCH), and Forta (FORT).

ПРОЧЕТИ ОЩЕ:
Vitalik Buterin’s Ethereum Journey to Unfold in New Documentary

Aptos (APT), a Web3 and decentralized finance (DeFi) platform developed by former Meta Platforms engineers, will unlock 11.31 million APT tokens worth $66.16 million on July 12. This represents a significant monthly inflation of approximately 2.5% of its total supply, impacting purchasing power.

Xai (XAI) will unlock 198.4 million tokens worth $65 million on July 9, substantially increasing its market supply and potentially impacting market dynamics. ImmutableX (IMX) follows with a $41.24 million unlock on July 12, aimed at supporting ecosystem and project development.

Traders are advised to cautiously navigate these events, as they could heighten market volatility and pose risks to trading strategies, necessitating careful risk management strategies to mitigate potential downsides.

SHARE: SHARES
1

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

You may also like

Data: U.S. Bitcoin spot ETFs have a cumulative net inflow of $17.508 billion

Odaily2024/08/04 14:56

Galaxy Research: Bitcoin faces challenges as a data availability layer, and L2 expansion solutions may require trade-offs

Odaily2024/08/04 14:56

Luffy: We plan to expand the community to 50,000 to 100,000 people in the future

Odaily2024/08/04 14:54

In the past hour, the entire network has liquidated 31.3749 million US dollars, mainly long orders

Odaily2024/08/04 14:52