🔥 Don't trade 3 cryptocurrencies in may 2024
♦️ Memecoin (MEME)
📉 Memecoin (MEME) stands out with a substantial value of $144.64 million for its 5.318 billion MEME tokens. On May 3, the team plans to unlock these tokens, potentially inflating the circulating supply by 32%, which could lead to a significant market downturn.
💰 Out of the total, 3.45 billion MEME tokens will be released via an airdrop, amounting to $93.92 million. This figure exceeds Memecoin’s 24-hour trading volume of $40 million by more than double.
♦️ dYdX Protocol (DYDX)
🔄 The decentralized exchange protocol, DYDX, is once again highlighted as a cryptocurrency to avoid trading due to upcoming unlocks. On May 1, the protocol is set to release 33.34 million DYDX tokens into circulation, currently valued at $70.33 million.
💸 Early investors will receive the majority of the unlocked tokens, valued at $39.01 million, while the remaining $21.48 million worth of DYDX will be available for sale by the team in the following weeks.
♦️ Optimism (OP)
🌐 Optimism (OP) has the third-largest token unlock scheduled for the first week of May. Traders are advised to steer clear of OP despite a relatively lower inflation rate compared to the previous two cryptocurrencies.
💼 The layer-2 blockchain for the Ethereum (ETH) ecosystem plans to unlock 24.16 million OP tokens, valued at $56.29 million. Core contributors will receive 12.75 million tokens on April 29, with investors receiving the remaining 11.41 million tokens.
While increasing a token’s supply does not guarantee a price decrease, traders will likely speculate on the potential economic impact of these unlocks on price movements.
