The cryptocurrency industry was shaken and turned red with the decline of the leading cryptocurrency Bitcoin (BTC). In the past 24 hours, the price of BTC has dropped by 2.4% and fell to $29,194. This decline brings to mind the $28,000 support level and creates panic for altcoins as well. In fact, the situation can be much worse for 8 altcoins in the continuation of these bad events.
Danger Begins for 8 Altcoins This Week
In these days when the cryptocurrency industry talks about Worldcoin (WLD), there may actually be a great risk awaiting some investors. According to the information provided by Dropstab, it is expected that the locked parts of 8 altcoins will be unlocked this week. These altcoins are listed as GT, RON, FLOW, AXL, EDU, WOO, ILV, and SFP. Although the total value of the unlocked tokens is $79 million, there are significant differences among the tokens.
The lock of 21 million EDU will be unlocked in approximately 4 days, while approximately 17 million WOO will meet investors within 5 days. In addition to these, within 5 days, 38,000 ILV, 8.33 million SFP, 6.67 million GT, 3.69 billion DC, 63 million BREED, 22 million RON, 13 million FLOW, and finally 24 million AXL will be unlocked.
Pay Attention to the Unlocked Tokens
In the cryptocurrency industry, general declines can be observed especially during such periods. The selling risk that FLOW, AXL, and EDU, which have relatively high market values among these projects, will create can generally affect other altcoins as well. In addition, at a time when BTC is already experiencing a decline, there is also a risk of going much lower with the increased selling pressure from the unlocked tokens.
In those listed on CoinList and Binance, there may be much more liquidity, and opportunities can be offered to investors in this regard. Especially on exchanges with low liquidity, significant spreads can occur between buying and selling, while important opportunities can arise on other exchanges. While investors anticipate a possible decline, they can also try to evaluate it with leveraged transactions. However, it should not be forgotten that each transaction carries its own specific risk.
