Altcoins
These Altcoins Expected To Inject Billions Into The Crypto Market By May
These Altcoins Expected To Inject Billions Into The Crypto Market By May
May 2023 is set to become a landmark month for the crypto market, with major token versions is expected to inject substantial liquidity and potentially catalyze changes in market dynamics.
Key developments from AEVO and PYTH and significant contributions from other projects are expected to channel more than $3 billion into the sector.
Substantial crypto releases set the stage
Token Unlock, a platform dedicated to tracking digital asset release schedules, says May will see one of the largest influxes of tokens in the cryptocurrency market this year.
At least 20 crypto projects are preparing to release tokens worth more than $10 million each, for a cumulative amount of $3.661 billion. These posts highlight the continued activity and growth of the crypto sector, even amid fluctuating market conditions.
Among the tokens that will be launched, AEVO and PYTH stand out with their billion-dollar injections, highlighting their strong market presence and investor confidence.
AEVO, a decentralized exchange, is expected to release 827.6 million AEVO tokens on May 15, which exceeds $1.25 billion at current valuations. This release will significantly increase the circulating supply of AEVO by 757.95%
PYTH Network, known for providing decentralized market data, plans to do the same with its sizable token release. On May 20, PYTH will distribute 2.13 billion tokens, valued at approximately $1.21 billion, representing 141.67% of its existing circulating supply.
Such movements are essential for projects and the broader market, influencing liquidity and potentially price stability.
In addition to AEVO and PYTH, Wu Blockchain reports that Token Unlock has identified several other cryptocurrencies scheduled for major releases in May.
These include DYDX, ENA, SUI, MEME, GAL, MAVIA, APT, STRK, ARB, APE, IMX, ROSE, PIXEL and AVAX. ID, YGG, OP, and PRIME are set to release tokens worth over $10 million each, completing a comprehensive list for the month.
See more
According to TokenUnlocks, the large unlocked amounts in May (unlocked amount above $10 million) include DYDX ENA SUI MEME GAL MAVIA APT STRK AEVO ARB APE IMX ROSE PIXEL PYTH AVAX ID YGG OP PRIME, etc., with higher unlock value at $10 million. 3.661 billion US dollars. Among them, the unlocked… pic.twitter.com/tZmihAom3c
-Wu Blockchain (@WuBlockchain) April 30, 2024
Anticipating an Altcoin surge
Meanwhile, El Crypto Prof, a prominent crypto analyst on projected a significant rally for the altcoin market based on historical market cycles. He notes that post-Bitcoin halving periods, like those of 2016 and 2020, typically lead to an altcoin accumulation phase, followed by a market rally.
See more
Anyone who is bearish here obviously hasn’t done their homework.
Altcoins are about to enter the parabolic curve, if we repeat 2016 and 2020.
History doesn’t repeat itself, but it often rhymes.
-Accumulation1⃣
-Backtest2⃣🎯
-Send it3⃣Months of glory ahead, in my opinion. pic.twitter.com/uUrKj8qau1
— 𝕄𝕠𝕦𝕤𝕥𝕒𝕔ⓗ𝕖 🧲 (@el_crypto_prof) April 28, 2024
The analyst suggests that the current market reflects these past cycles, indicating a potential upside ahead. He thinks this could lead to altcoin market capitalization which could potentially double from its current estimate of around $1 trillion to $2 trillion.
Additionally, Daan Crypto Trades, another analyst, supports the view that the ETH/BTC ratio is a more accurate measure of altcoin market sentiment relative to the SOL/BTC ratio, signaling a positive outlook for altcoins.
Featured image from Unsplash, chart from TradingView.