A new key unlocking is planned to be added today, which has a significant impact on price fluctuations in the cryptocurrency markets. The key unlocking in DYDX, which was planned to take place on February 3rd, was postponed to August 1st, according to the announcement made by the company.
Million Dollar Key Unlocking in DYDX!
Hours before the key unlocking of the popular DeFi altcoin DYDX, experts claimed that there might be an increase in selling pressure in the cryptocurrency. It is not the first key unlocking for DYDX, which is a popular altcoin. In May, the altcoin had a $14 million key unlocking. According to historical data, key unlockings caused an increase in the total circulating supply of tokens, leading to price decreases.
The company announced that the key unlocking scheduled for today would unlock DYDX tokens worth $13.63 million. Although the company has not made a clear statement about the key unlocking, it is expected to take place at 6:00 PM.
DYDX is a governance token that allows the dYdX community to truly govern the dYdX Layer 2 Protocol. DYDX enables investors, liquidity providers, and dYdX partners to collectively work for an advanced Protocol by ensuring shared control of the protocol.
Selling Pressure May Occur in DYDX!
According to analysts, the key unlocking could provide a buying opportunity with potential price drops due to the selling pressure that may occur to increase the token holdings and accumulation amounts of DYDX holders. With the recent key unlocking, it is suggested that DYDX’s circulating supply will reach 460 million by January 2024.
On the other hand, the leading cryptocurrency Bitcoin (BTC) gained momentum with BlackRock’s spot ETF application. Bitcoin, which experienced a significant upward momentum, lost the critical $30,000 level due to market turbulence following the data and interest rate announcements by the Federal Reserve. At the time of writing, BTC is trading at $28,849.