Decentralized exchange dYdX preparing to unlock 150 million of its tokens on December 1st at midnight UTC. This unlocking, which represents 30% of the total tokens allocated to investors, founders and employees, has an estimated value of US$500 million. While this event is a significant step for dYdX, it carries with it the possibility of a drop in the prices of its cryptocurrency, a phenomenon often observed in similar circumstances in the cryptocurrency market.
When dYdX announced on January 25th the postponement of the unlock previously scheduled for February to December, there was a notable increase in the price of its tokens. However, the recent loss of US$9 million from the exchange’s insurance fund, described by the CEO as a “targeted attack”, has added a layer of uncertainty to the picture.
This imminent unlocking of tokens is causing cautious expectations in the market. Traditionally, events of this type can lead to an increase in the supply of tokens on the market, which, depending on demand, can result in a reduction in prices. Investors and market analysts are therefore watching closely, looking for signs that could indicate the immediate and long-term effects of this unlock on dYdX cryptocurrency prices.
In addition to dYdX, other cryptocurrency projects are also set to unlock significant tokens. Optimism will release 32.21 million tokens, valued at around $58 million, on November 29, and 1inch will unlock 98.74 million tokens, worth around $34.5 million, on December 1. These events add more elements to the already complex cryptocurrency ecosystem, where the balance between supply and demand plays a crucial role in determining prices.
Investors, both experienced and beginners, are preparing for this period of potential volatility. With the supply of dYdX tokens increasing significantly, many are recalibrating their strategies to deal with potential price fluctuations. This scenario emphasizes the dynamic nature of the cryptocurrency market, where events such as token unlocks can have substantial and immediate effects.
Disclaimer:
The views and opinions expressed by the author, or anyone mentioned in this article, are for informational purposes only and do not constitute financial, investment or other advice. Investing in or trading cryptocurrencies carries a risk of financial loss.
Source: https://portalcripto.com.br/desbloqueio-de-us-500-milhoes-em-tokens-dydx-preco-da-criptomoeda-pode-cair/
