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

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 …