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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OKnightCrypto Bullish