Bittime – Starting Monday, May 20, more than $1 billion in token unlocks are scheduled to hit the crypto asset market. This influx could trigger massive sales or sell offs, especially affecting investors in Pyth Network (PYTH) and Avalanche (AVAX).
May: Potential Sell Off on a Large Scale
Finbold previously reported that May would see more than $4 billion in token unlock events across various projects. Last week, Aevo (AEVO) unlocked $1 billion, causing caution in trading due to inflationary pressures. Now, in the next seven days, six crypto assets will unlock a total of $1.27 billion in token value. Pyth Network will make a significant contribution to this with an unlock of $905.72 million, increasing its supply by 141.7%.
Also read 10 Token Unlocks in May 2024 with the Highest Total Value
Check Today's Crypto Market:
PYTH Unlocks Nearly $1 Billion in Tokens May 20: Watch for Potential Sell Off
Pyth Network (PYTH) to Unlock Nearly $1 Billion in Tokens Pyth Network will kick off the inflation week by unlocking 2.13 billion tokens on May 20. More than half of these tokens are earmarked for Ecosystem Growth, managed by the Pyth team. Additionally, $320 million of token value is allocated to Publisher Rewards and Protocol Development, while 250 million PYTH tokens are designated for “Private Sale” investors.
Currently, Pyth Network is trading at $0.42, with a market cap of $630 million and a circulating supply of 1.5 billion PYTH. The upcoming unlocking is expected to put downward pressure on its price due to the likely sell-off in the coming weeks.
Also read: Unlock Tokens Worth IDR 48 Trillion This May, Including AEVO and PYTH!
Unlock Token AVAX: Potensi Sell Off by Avalanche 22 Mei
Avalanche Unlocking 9.55 Million AVAX After Pyth Network, Avalanche will continue with its monthly token unlock on May 22, releasing 9.55 million AVAX tokens, worth nearly $350 million.
The distribution includes 4.50 million AVAX to the Team, valued at approximately $165 million, and increases in Strategic Partners and Foundation treasuries of 2.25 million and 1.67 million AVAX, respectively.
This poses a risk of potential sales exceeding $142 million. Additionally, the community airdrop will see the release of 1.13 million AVAX, worth $41.05 million.
Also read Massive Token Unlock 3 Altcoins: AVAX, PYTH, ID
Conclusion: It's possible for a sell off to occur in the short term only
Despite a significant increase in supply, this token may still experience positive price performance in the short term. Crypto asset markets remain unpredictable, and various factors can influence price movements, even amidst major supply inflation.
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You can buy and sell crypto assets in an easy and safe way through 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.
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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Possible AVAX Correction: Buying or Selling Opportunity?
DISCLAIMER: This article is informational in nature and is not an offer or invitation 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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