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Check out the top 3 token unlocks next week
Token unlocking involves the release of previously locked tokens under the terms of the fundraising. Projects carefully plan these releases to avoid market pressure and prevent a decline in token prices.
However, factors such as lack of liquidity or early profit-taking by investors can have a significant impact on the dynamics of an asset. Here are three major token unlocks to watch out for next week.
Pyth Network (PYTH)
- Unlock date: May 20th
- Number of tokens unlocked: 2.13 billion PYTH
- Current circulating supply: 1.5 billion PYTH
Pyth Network is a decentralized system oracle which provides real-time financial market data to blockchain applications. It collects high-quality price information from various sources, including trading companies and exchanges. The project aims to improve the accuracy and reliability of data used in smart contracts and decentralized finance (DeFi) platforms.
THE PITH the token has a maximum supply of 10 billion. On May 20, the project will unlock 2.13 billion tokens, which exceeds the current circulating supply. Approximately 800 million PYTH will go to private sales participants and publishers, while the rest will be allocated to protocol development and ecosystem growth.
Members of the crypto community have polarized opinions on how the unlock will affect the PYTH price. Some believe the altcoin is headed for a significant collapse, while others are confident tokenomics the design will allow it Jack his land.
“Pyth the release of the value of 910 million dollars will take place on May 20th. 141.67% of the current supply is unlocked. AEVO lost 25% after unlocking. Most PYTH holders have bet so that they cannot sell their bags. Regardless of what I’m looking for short circuit configurations,” a cryptocurrency trader noticed.
To know more: What is a Blockchain Oracle? An introductory guide
Avalanche (AVAX)
- Unlock date: May 22nd
- Number of tokens unlocked: 9.54 million AVAX
- Current circulating supply: 382.77 million AVAX
Avalanche is a decentralized blockchain platform that offers high performance and scalability, allowing developers to build and deploy decentralized applications (dApps) and custom blockchain networks. The native token of the Avalanche network is AVAXused to pay transaction fees, episodeand participating in the governance of the platform.
On May 22, over 9 million AVAX tokens will be unlocked and distributed among strategic partners, the Avalanche Foundation, the team and airdrop participants.
To know more: 11 Best Avalanche (AVAX) Portfolios to Consider in 2024
Space ID (ID)
- Unlock date: May 22nd
- Number of tokens unlocked: 18.49 million IDs
- Current circulating supply: 430.5 million ID
Space ID is a decentralized identity protocol that helps users securely manage their online identities across various blockchain platforms. It allows users to create a single digital identity for use across multiple decentralized applications (dApps). The ID is the utility token of the Space ID ecosystem, designed to drive user participation and support safety and network growth.
On May 22, the project will add 18 million IDs to the circulating supply. Second Unlocks via tokenmost of these tokens will go to the Space ID Foundation, the ecosystem fund, and airdrop participants.
To know more: What are the best Altcoins to invest in in May 2024?
While the tokens are unlocked are often considered bearish, a well-planned program can improve the long-term viability of a project. In line with milestones and development progress, unlocks will motivate team members, increase community engagement, and promote ecosystem growth.
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