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3 cryptocurrencies to avoid trading this week

3 cryptocurrencies to avoid trading this week

The cryptocurrency market has shifted from bearish to bullish as the week has developed, following nonfarm payroll data worrying data. However, three cryptocurrencies will go through inflationary events, and speculators should avoid trading them this next week for risk management.

Notably, TradingView‘s total crypto market cap index increased by over $245 billion month-to-date from a local bottom on May 1. Traders suddenly became more optimistic about 2024’s forecasts, as April’s nonfarm payroll data suggests favorable macroeconomics for risk-on assets.

Nevertheless, scheduled token unlocks for this next week will create extra supply inflation pressure for three specific cryptocurrencies. In particular, Heroes of Mavia (MAVIA), Galaxy (GAL), and Hashflow (HFT) will dominate the 7-day cliff unlocks from May 4.

Overall, $56.24 million worth of tokens will be unlocked in the next seven days with a high weight toward the mentioned projects.

Cliff Unlocks Next 7 Days. Source: TokenUnlocksApp

Avoid trading Heroes of Mavia (MAVIA)

First, MAVIA dominates the 7-day inflation by 55%, with $30.79 million worth of 6.328 million tokens unlocked on May 6. It is noteworthy that this amount equals 25% of the current circulating supply, potentially having a huge impact on price in the short term. 

Of that, 2.33 million is from vesting contracts from Heroes of Mavia’s pre-sale, worth $9.38 million. 4.35 million MAVIA will be under the team’s control for investments in the community and ecosystem, worth $17.48 million. While slightly less than 1 million tokens will be paid as gameplay rewards, worth nearly $4 million.

Heroes of Mavia (MAVIA) token unlock. Source: TokenUnlocksApp

Galxe (GAL)

Second, Galxe will release 5.17 million worth around $19.20 million, which represents 34% of this week’s unlocks and 5.8% of the project’s capitalization. Similarly to MAVIA, this is a strong signal for a cryptocurrency to avoid trading, facing such significant supply inflation.

Interestingly, most of the tokens will be unlocked to early investors or strategic sales from the team as profit realization. Only $2.18 million worth of GAL will go for community endeavors and reinvestment in the ecosystem for further growth.

Galxe (GAL) token unlock. Source: TokenUnlocksApp

Hashflow (HFT)

Finally, Hashflow has the third-largest cliff unlock this week, scheduled for May 7, with a value of $4.20 million. In total, 13.326 million HFT will enter circulation, heavily weighted toward early investors, ecosystem development, and team profits.

Hashflow (HFT) token unlock. Source: TokenUnlocksApp

However, despite the above economic analysis, these cryptocurrencies could still display positive price performance in the next few days. Still, a solid risk management strategy also requires cryptocurrencies to avoid trading amid relevant supply pressures.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

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