Here is Which Cryptocurrencies Should You Avoid This Week

Three cryptocurrencies are set to release over $170 million in tokens this week, posing potential risks for traders with significant exposure.

These unlocks could flood the market, creating heightened selling pressure and triggering substantial price fluctuations.

According to data from TokenUnlocks, upcoming seven-day cliff unlocks total $186.32 million, with three major protocols releasing $173.02 million, comprising 93% of the total.

The projects scheduled for token unlocks within the next seven days include Aptos (APT), Xai (XAI), ImmutableX (IMX), Ethena (ENA), io.net (IO), dYdX (DYDX), Moonbeam (GLMR), 1inch (1INCH), and Forta (FORT).

Aptos (APT), a Web3 and decentralized finance (DeFi) platform developed by former Meta Platforms engineers, will unlock 11.31 million APT tokens worth $66.16 million on July 12. This represents a significant monthly inflation of approximately 2.5% of its total supply, impacting purchasing power.

Xai (XAI) will unlock 198.4 million tokens worth $65 million on July 9, substantially increasing its market supply and potentially impacting market dynamics. ImmutableX (IMX) follows with a $41.24 million unlock on July 12, aimed at supporting ecosystem and project development.

Traders are advised to cautiously navigate these events, as they could heighten market volatility and pose risks to trading strategies, necessitating careful risk management strategies to mitigate potential downsides.