PYTH, AVAX, PIXEL among $1.35 billion worth of token unlocks next week

Source Fxstreet
May 18, 2024 02:00
  • Pyth, Avalanche, Pixels, and Space ID networks have massive token unlock events on the calendar next week.
  • PYTH ecosystem will hold largest unlock, where 2.13 billion PYTH tokens worth $906.09 million will flood markets on Monday.
  • Depending on market conditions and investor sentiment, token prices may experience significant fluctuations round token unlock dates.

Token unlocks can impact the liquidity of a token in the market. Increased supply from token unlocks may make it easier for investors to buy and sell the token, but it can also lead to price slippage and challenges in executing large trades.

Also Read: Top 3 Price Prediction Bitcoin, Ethereum, Ripple: BTC is in a class of its own after ETF approvals

Brace for these token unlocks next week

The release of locked-up tokens can lead to increased price volatility as investors react to the newly available tokens. Depending on market conditions and investor sentiment, the token price may experience significant fluctuations.

Starting Sunday, May 19, the Pixels ecosystem will unlock 54.37 million PIXEL tokens. Comprising 7.05% of its circulating supply, these tokens are worth $19.02 million at current levels.

Pyth has the most voluminous unlock in the lineup. On May 20th, this coming Monday,  2.13 billion PYTH tokens worth $906.09 million will be unlocked. These tokens comprise 141.67% of the circulating supply.

On Wednesday, May 22, the Avalanche network will unlock 9.54 million AVAX tokens worth $329 million and composing 2.49% of the circulating supply.

Space ID is also in the lineup with 18.49 million ID tokens worth $13.21 million and comprising 4.29% to be unlocked on Wednesday, May 22.

Token unlocks this weekend

More closely, there are several token unlocks to watch out for this weekend. Among them:

The Manta Network will unlock 6.67 million MANTA tokens on Saturday, May 18, worth $10.40 million and comprising 2.66% of the network’s circulating supply.

On the same day, the Oasis Network will unleash 171 million ROSE tokens worth $14.82 million, making for 2.54% of the circulating supply.

While token unlocks are considered bearish catalysts, it is worth noting that properly structured token unlock schedules can support the long-term sustainability of a project.

Strategic token unlocks that align with project milestones and development progress can incentivize team members, encourage community engagement, and contribute to ecosystem growth.

Disclaimer: For information purposes only. Past performance is not indicative of future results.
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