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Crypto currency markets are anticipating a new key unlock today that could significantly impact pricing. Experts warn that the sell pressure on the popular DeFi altcoin DYDX could increase as the unlock approaches.
$1.81 Million Unlock in DYDX!
Today’s unlock in DYDX is not the first of its kind. In May, the popular altcoin had a massive unlock event worth $14 million. Historical data suggests that such unlocks have led to an increase in the total circulating supply of tokens, causing price drops. The company has announced that today’s planned unlock will release $1.81 million worth of DYDX tokens.
Although the company has not made a clear statement regarding the unlock, it is expected to take place today. DYDX is a governance token that allows the dYdX community to truly manage the dYdX Layer 2 Protocol. DYDX enables the collective work of investors, liquidity providers, and dYdX partners towards an advanced protocol by providing joint control of the protocol.
The Effects of the Unlock
According to crypto experts, the upcoming unlock in DYDX could provide an opportunity for holders to increase their token amounts and accumulate more during the potential sell pressure and price drops. Consequently, ahead of today’s planned DYDX unlock, experts are warning of increased sell pressure and expected price declines.
DYDX functions as a governance token that manages the dYdX Layer 2 Protocol, and today’s unlock will release $1.81 million worth of DYDX tokens. Despite the lack of a clear statement from the company, experts note that past unlocks have led to increases in the total circulating supply, causing price drops. There is potential for DYDX holders to turn this situation into a buying opportunity.
