Axie Infinity (AXS), Aptos (APT) and DYDX have all rallied into token unlocks this month, bucking what had previously been a bearish trend. Reporting by oknightcrypto
The overcrowded short trade in the lead up to token unlocks is beginning to backfire, with several altcoins showing signs of strength into what is normally perceived to be a bearish event.in the lead up to $64 million worth of previously locked tokens being unleashed on the market. This took onlookers by surprise as an increase in supply typically leads to a reduction in value, and also gives early investors or project team members an opportunity to liquidate their initial investment.
But AXS is not alone in bucking the trend – decentralized derivatives exchange dYdX's cryptocurrency has outperformed its peers with a 64% rally this month in spite of a token unlock coming on Feb. 2.
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