🔥 3 cryptocurrencies to avoid trading next week

With the current week coming to its end, many assets in the cryptocurrency market are witnessing a slowdown in their price performance, including the sector’s representative, Bitcoin (BTC), some assets might be a particularly good idea to avoid, at least for the time being.

Indeed, for some crypto assets, the current dip might only be temporary, in line with the sentiment across the crypto community, whereas for others, additional factors might negatively affect their performance as well as their appeal as lucrative trading options in the week starting August 5.

🔸 Pepe (#PEPE )

As a highly speculative and volatile meme coin, Pepe (PEPE) has witnessed huge short-term gains, but also rapid declines, influenced by social media hype, and recently, it saw one whale moving a massive 400 billion tokens worth $4.22 million to crypto exchange Binance, which might lead to rising selling pressure.

🔸 Wormhole (#W )

Meanwhile, the cross-chain interoperability protocol Wormhole (W) is about to unlock a whopping 612.12 million of the token, worth around $145 million, which could lead to increased selling pressure as investors receiving them might decide to cash out, affecting its price at least in the short term.

For the moment, Wormhole is trading at $0.2357, which reflects a 3.99% drop on the day, a decline of 18.03% in the past week, and a more significant loss of 34.93% across the month – a trend that could continue as market participants anticipate further downward pressure from the token unlock.

🔸 Immutable (#IMX )

Finally, another blockchain platform about to witness a major token emission is Immutable (IMX), scheduled to release 32.47 million of the token worth around $43 million. Moreover, it is shutting down its IMX Marketplace on August 13, which could lead to short-term disruptions as users migrate their activities.Currently, the price of the IMX token stands at $1.33, suggesting a 2.96% drop on its 24-hour chart.