Bullish Token Unlocks Buck Bear Market Trend in Spur to Altcoin Season

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. This week Axie Infinity (AXS) surged by 40% 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 …