As the week draws to a close in the cryptocurrency market, many assets are showing a slowdown in price performance. This situation is also true for assets representing the sector, such as Bitcoin (BTC). However, some cryptocurrencies, beyond a temporary decline, may lose their appeal as attractive investment options in the coming week due to additional factors. Here are the cryptocurrencies to be cautious about next week.
Pepe (PEPE)
Pepe (PEPE) is a speculative and volatile meme coin that has gained significant short-term profits through social media hype. However, it also experiences significant drops just as quickly. Recently, a whale transferred 400 billion tokens worth $4.22 million to the Binance exchange, which could increase selling pressure.
PEPE, after breaking its main support level of $0.00001075, was trading at $0.000009975 at the time of writing. It recorded a 5.29% drop in the last 24 hours and a 15.80% drop in the last seven days. PEPE, which has lost 12.61% in value on a monthly basis, continues to worry investors.
Wormhole (W)
Wormhole (W), a cross-chain interaction protocol, will release approximately 612.12 million tokens worth about $145 million in the coming days. This situation could increase selling pressure as investors may want to cash out their tokens, potentially having a short-term negative impact on the price.
Currently trading at $0.2357, Wormhole has experienced a 3.99% drop in the last 24 hours, an 18.03% drop in the last week, and a 34.93% drop in the last month. This downward trend is expected to continue with the release of the tokens.
Immutable (IMX)
The Immutable (IMX) platform will soon release 32.47 million tokens worth $43 million. Additionally, the IMX Marketplace is planned to be closed on August 13.
This situation could cause short-term disruptions as users move their activities to other platforms. The price of the IMX token is currently at $1.33, recording a 2.96% drop in the last 24 hours, an 11.54% drop in the last week, and a 13.12% drop in the last month.
Based on the given information, it may be wise to avoid trading these three cryptocurrencies next week or at least approach them cautiously. There are various factors that could negatively impact their price performance, so it is advisable to be careful.
