The Crypto Market Faces a Brutal Week
The crypto market is experiencing a difficult week, and two altcoins are expected to face a round of dumping around August 21 and August 25. While one of these altcoins may not see a significant crash, the other may present a good entry point for investors.
Key Points:
1. Optimism (OP): This altcoin has monthly token unlock events at the end of each month, totaling 33.2 million OP tokens or 3.37% of the total supply. Despite previous price drops during unlocking events, the August unlock event may not have a drastic impact on the price due to ongoing hype and discussion around Optimism.
2. Injective Protocol (INJ): This altcoin has upcoming unlocking events on the 21st of August and the 21st of January 2024, unlocking 3.02 million INJ and 3.67 million INJ, respectively. However, the allocation of tokens for “ecosystem development” suggests that the team will likely be in control, potentially mitigating a significant price drop.
Hot Take:
If you’re interested in investing in Injective, a few days after the 21st of August may present a good entry point. However, it’s important to note that investing in cryptocurrencies carries high risks, and thorough due diligence is crucial.
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