Bittime – This week many tokens are releasing or unlocking tokens, including AVAX, PYTH, and ID. These three cryptocurrencies will carry out massive token unlocking.
Understand the number of tokens they release by reading this article till the end.
What to Watch Out for with Massive Token Unlocks
Some factors can cause the release of tokens to have a negative impact, such as:
- Lack of liquidity: If the number of tokens in circulation suddenly becomes too much compared to buying demand, the price may fall.
- Early investor profit-taking: Investors who have held the token for a long time may sell it to take advantage when the token can be freely traded.
Because of this, when you want to unlock this token, you must understand the condition of each token well.
Check Today's Crypto Market:
Massive Token Unlock from AVAX, PYTH, and ID
The following are 3 major token releases that investors need to pay attention to this week.
1. Pyth Network (PYTH)
Source: Token Unlock
- Release date: May 20, 2024
- Number of tokens released: 2.13 billion PYTH
- Current circulation: 1.5 billion PYTH
Pyth Network is a decentralized oracle network that provides real-time financial market data for blockchain applications. The network aggregates high-quality price information from various sources, such as trading firms and crypto exchanges.
Pyth's goal is to improve the accuracy and reliability of data used in smart contracts and decentralized finance (DeFi) platforms.
The total supply of PYTH tokens is limited to 10 billion. On May 20, the project will release 2.13 billion tokens, exceeding the amount currently in circulation.
Around 800 million PYTH will be allocated to private sale participants and data providers, the rest for protocol development and ecosystem growth.
The crypto community has mixed views regarding the impact of token release on the price of PYTH. Some expect the price to drop drastically, while others believe PYTH's tokenomics design allows it to remain stable.
Also Read: New Stage of $PYTH with First Unlock
2. Avalanche (AVAX)
Source: Token Unlock
- Release date: May 22, 2024
- Total tokens released: 9.54 million AVAX
- Current circulation: 382.77 million AVAX
Avalanche (AVAX) is a decentralized blockchain platform that offers high performance and scalability. This allows developers to create and run decentralized applications (dApps) as well as custom blockchain networks.
The native token of the Avalanche network is AVAX, used to pay transaction fees, staking, and participate in platform governance.
On May 22, more than 9 million AVAX tokens will be released and distributed to strategic partners, the Avalanche Foundation, development teams, and airdrop participants.
3. Space ID (ID)
Source: Token Unlock
- Release date: May 22, 2024
- Number of tokens released: 18.49 million IDs
- Current circulation: 430.5 million IDs
Space ID (ID) is a decentralized identity protocol that helps users securely manage their online identities across multiple blockchain platforms.
This protocol allows users to create a single digital identity that can be used across multiple decentralized applications (dApps).
ID tokens serve as utility tokens in the Space ID ecosystem, designed to encourage user participation and support network security and growth.
On May 22, the project will add 18 million IDs into circulation. According to TokenUnlocks, the majority of these tokens will be allocated to the Space ID Foundation, ecosystem funds, and airdrop participants.
Also Read How To Buy Crypto:
Conclusion
Token releases are often associated with a potential price drop. However, a well-planned token release schedule can improve the long-term viability of a project.
When tied to development milestones and progress, token releases can motivate development teams, increase community engagement, and drive ecosystem growth.
However, investors still need to be alert and pay close attention to information regarding token release to make the right investment decisions.
How to Buy Crypto from Bittime
You can buy and sell crypto assets easily and safely via Bittime. Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti.
To be able to buy crypto assets on Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application. Learn Complete Guide How to Buy Crypto on Bittime.
Monitor price chart movements of Bitcoin (BTC), Ethereum (ETH), Solana (SOL), and other cryptos to find out today's crypto market trends in real-time on Bittime.
Read Also:
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Thousands of Financial Firms Control Bitcoin ETFs Worth IDR 160 Trillion
DISCLAIMER: This article is informational and is not an offer or solicitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
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