The dYdX (DYDX) token unlock continues, with the 33 million coins, worth approximately $90 million, unlocked on February 1. This is on the back of the previous unlock on January 23rd, which is set to continue for the next five months. The frequency and size of these new token releases have raised concerns about the potential price impact, with analysts leaning more towards a dump than a pump.
Meanwhile, Algorand (ALGO) and InQubeta (QUBE) have emerged as the most promising plays right now. With bullish metrics evident, these top crypto coins are on the cusp of rallying, positioning them as the best cryptos to invest in.
InQubeta (QUBE): A Bullish and Promising ICO
InQubeta (QUBE) is a top ICO stirring up quite a buzz within the crypto community. Its bullish narrative as a fascinating blend of AI and crypto has resulted in massive presale participation—$8.6 million in early funding.In the seventh stage of the ICO, a token costs only $0.0224.
Experts are bullish about its potential, hailing it as the best new crypto to invest in and tipping for a 60x rally after launch.Its crowdfunding platform will allow AI tech startups to raise capital through cryptocurrency. Additionally, within its NFT marketplace, AI developers can source capital, and investors can own stakes in promising AI businesses.
dYdX (DYDX): Token Unlock – Bearish or Bullish?
dYdX has been in the spotlight for different reasons this year. Following the SEC decision on Bitcoin ETFs and the resulting market downturn, it experienced a substantial price decline. Also, its ongoing unlock schedule has stirred up mixed feelings within the community.
On February 1, 33 million dYdX tokens, worth approximately $90 million, were released into the circulating supply. This will be the second event in less than two weeks—the first took place on January 23rd—and is expected to continue for the next five months.
According to data from Token Unlocks, the protocol will distribute $49 million worth of dYdX tokens to investors. Additionally, the team will receive $27 million worth of tokens and, for future employees, $12.5 million.
If you are wondering what will happen next—a pump or a dump—analysts lean towards the latter, and traders are preparing short positions. While it is one of the best coins to invest in, we recommend not buying the top.
Algorand (ALGO): Gearing up for a Rally
Algorand (ALGO) is a decentralized blockchain platform that supports a wide range of applications. It is secure, efficient, and scalable, making it a top pick among developers for building effective applications in the real world.
The rise in investor sentiment post BTC ETF has seen Algorand gain traction. Meanwhile, other metrics point towards a rally in the coming days. This makes it one of the most bullish plays right now.If you have yet to add Algorand to your crypto portfolio, now might be a great time to do so, as it is one of the best cryptos to buy now. Hence, to avoid experiencing the fear of missing out (FOMO) later on, grab a bag of ALGO and HODL.
Conclusion
The dYdX token unlock will likely result in a market dump as recipients take profits. Meanwhile, Algorand and InQubeta are set for an upward trajectory. As one of the most promising new ICOs, QUBE is set to skyrocket after launch, and you can become an early holder through the link below.
The post dYdX Unlocks Over 33 Million Tokens: Pump or Dump? Bullish Metrics Found in Algorand (ALGO) and InQubeta (QUBE) appeared first on Cryptonews.