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While the cryptocurrency market has recently been undergoing a correction phase, an opportunity has arisen to purchase some digital assets at favorable prices. This is particularly attractive to investors looking to buy cryptocurrencies at lower prices during market corrections. However, this strategy is not always beneficial for all assets, as some cryptocurrencies may experience greater volatility and further price declines in the coming weeks.
Meanwhile, certain cryptocurrency projects are preparing to release new tokens soon. This release, which has historically impacted price volatility, could increase the token supply and put downward pressure on prices. As a result, the website Finbold, in its latest report, has identified three tokens that investors should avoid trading in the coming days.
Aptos Token (APTOS)
The Aptos network is set to initiate a new token release on September 12, introducing 11.31 million tokens into the market. This amount represents 2.3% of the total market value of this token, which currently stands at $2.93 billion, giving it a market value of $67.63 million. At present, around 34.6% of the total supply, or 385.55 million APT, has been unlocked, while 55.1% of the total supply remains locked.
Despite recent significant developments, Aptos’ price changes have remained minimal. For instance, during the Aptos Experience event at Korea Blockchain Week, the platform collaborated with Arculus, a digital security platform, to create an Aptos card with tap-to-pay functionality. Although this partnership may increase the token’s utility, it has not significantly impacted its price. As of the writing of this report, Aptos is priced at $5.91, reflecting a daily increase of more than 0.5%, though the APT token has fallen by over 5.2% in the past week.
Conflux Token (CFX)
Despite recent notable news and partnerships involving Conflux, this token is still facing potential price volatility ahead of its September 9 token release. On this date, 2.01% of the total market value, equivalent to $10.95 million or 87.49 million CFX tokens, will be unlocked. Currently, 85.5% of the total 4.34 billion CFX tokens are in circulation, while 4.74%, or 262.46 million CFX, remains locked.
This release is happening alongside a significant price correction for CFX. However, the long-term outlook for Conflux remains optimistic, particularly following its partnership with Alibaba Cloud to advance Web3 solutions in sectors such as retail, tourism, entertainment, art, and education. At the time of this report, Conflux is trading at around $0.128, having dropped approximately 7% over the past month.
Cheelee Token (CHEEL)
Cheelee is another token that has experienced ongoing releases of locked tokens in recent months. The network is preparing to release around 11.66 million CHEEL tokens into the market on September 10, which accounts for 21% of its current market value.
This release coincides with CHEEL’s efforts to break through key resistance levels. Interestingly, this cryptocurrency is striving to reclaim its previous price of $20, and if successful, it could trigger a bullish breakout. As of the writing of this report, Cheelee is priced at around $18.14.
Conclusion
In conclusion, the cryptocurrencies discussed in this article present increased risks for investors. Particularly as the token release dates approach, the market could witness significant capital outflows. Therefore, it is recommended that investors and traders avoid investing in these tokens in the coming days.
