The cryptocurrency world can always be filled with exciting opportunities for investors. However, these opportunities also come with significant risks. In particular, the ongoing distributions related to the unlocking of certain cryptocurrencies’ token locks are a situation that requires investor attention. We have compiled three cryptocurrencies that you should avoid trading in the coming days for you.
Sui Network to Unlock Token
Firstly, let’s talk about the situation with the cryptocurrency called Sui Network (SUI). SUI will unlock 34.62 million SUI worth $57 million on March 3rd. This corresponds to 2.81% of the circulating supply.
The SUI worth $56.08 million to be released as part of the community access program could create significant selling pressure. In particular, the “Public Sale Through Certain Exchanges” option stated on the program’s opening page is a point that requires caution. Therefore, it is necessary to avoid trading the cryptocurrency SUI this week.
Galxe
Secondly, let’s take a look at the cryptocurrency called Galxe (GAL). GAL will have a token unlock operation worth $360 million in the coming days. This means that 2.03 million GAL worth $7.03 million will be released to the market.
These tokens, to be released by the team and foundation, could create significant selling pressure. In particular, the tokens to be taken by the community are also noteworthy. Therefore, it is recommended to avoid trading the cryptocurrency Galxe (GAL) this week as well.
Altcoin Hashflow (HFT)
Lastly, let’s take a look at the cryptocurrency called Hashflow (HFT). HFT is known as a decentralized exchange protocol and will unlock 13.62 million HFT in the coming days. This represents a transaction volume of $6.37 million.
A large part of the distribution will be done for core team and ecosystem development purposes. However, it is important not to forget that community rewards are also under control. Therefore, it is also recommended to avoid trading the cryptocurrency Hashflow (HFT) this week.
Considering the risky nature of the cryptocurrency market, it is beneficial for investors to note the above developments in their agendas.
