3 cryptocurrencies to avoid trading this week

The cryptocurrency market went from bearish to bullish over the course of the week, following worrying non-farm payroll data. However, three cryptocurrencies will experience inflationary events and speculators should avoid trading them next week for risk management.

In particular, TradingViewThe total cryptocurrency market cap index is up more than $245 billion month-to-date from the local low recorded on May 1. Traders have suddenly become more optimistic about their 2024 outlook as April non-farm payrolls data suggests a favorable macroeconomy for risk assets.

However, the scheduled unlocking of tokens next week will create additional supply inflation pressure for three specific cryptocurrencies. In particular, Heroes of Mavia (MAVIA), Galaxy (GAL) and Hashflow (HFT) will dominate the 7-day unlockable cliffs starting May 4th.

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

Avoid trading Heroes of Mavia (MAVIA)

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

Of this, 2.33 million come from vesting contracts from the Heroes of Mavia presale, worth $9.38 million. 4.35 million of MAVIA will be under the team’s control for community and ecosystem investments, worth $17.48 million. While just under 1 million tokens will be paid out as in-game rewards, worth almost $4 million.

Galx (GAL)

Secondly, Galxe will release 5.17 million worth around $19.20 million, representing 34% of this week’s unlocks and 5.8% of the project cap. Similar to MAVIA, this is a strong signal for a cryptocurrency avoiding trades, facing such significant supply inflation.

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

Hash flow (HFT)

Finally, Hashflow unlocked the third largest cliff this week, scheduled for May 7, with a value of $4.20 million. In total, 13.326 million HFTs will enter circulation, heavily targeting early investors, ecosystem development and team profits.

However, despite the economic analysis above, these cryptocurrencies may still show positive price action in the coming days. However, a sound risk management strategy also requires that cryptocurrencies avoid trading amid significant supply pressures.

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

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