DYDX to Unlock Millions Of Tokens In December
Dydx is set to unlock 150 tokens worth over $500 million on December 1st, 2023, with $280.35 million available for investors. Other tokens, including Optimism, Hedera, and Sui, are also expected to follow suit. Token unlocks are often followed by price drops due to the demand and supply theory, where a token’s circulating supply rises, its demand drops, and the price plummets for a short period.
However, when DYDX unlocked its tokens last October 31st, 2023, the price was not significantly affected. The value of DYDX began to pump a few days after the unlock, thanks to bullish market sentiment. However, negative sentiment around the token spiked during the previous unlock. Given the high probability of DYDX’s price plummeting due to the massive number of tokens being unlocked, it is crucial to analyze past data and anticipate potential market fluctuations.
(With inputs from Shikha Singh)
You need to login in order to Like
