The cryptocurrency market is losing ground as the Federal Reserve’s interest rate decision approaches. While the leading crypto Bitcoin fell to the 60 thousand dollar mark, the leading altcoin Ethereum lost 3 thousand dollars. After a very volatile April, the market is preparing for a new month. Therefore, investors need to pay attention to some events in May. Especially events like token unlocks. Because tokens of at least 20 altcoin projects will flow to the market in May.
Attention: There is an intense token unlock event in May!
According to the Token Unlock platform, which provides information on how restricted tokens are introduced to the crypto market, at least 20 altcoin projects will launch tokens worth over $10 million in May. The platform’s data shows that projects will release a cumulative $3.661 billion worth of tokens into the crypto market in May.
According to leading Chinese crypto journalist Colin Wu, crypto tokens identified by Token Unlock for major token releases in May include DYDX, ENA, SUI, MEME, GAL, MAVIA, and APT. Others include STRK, AEVO, ARB, APE, IMX, ROSE, PIXEL and PYTH. AVAX, ID, YGG, OP and PRIME also complete the list. Each of these altcoin projects will release tokens worth over $10 million.
Especially these 2 altcoin investors need to be careful!
Colin Wu singled out two exceptional crypto projects whose tokens will exceed $1 billion in May. These include the AEVO token of the Aevo decentralized exchange (DEX). The altcoin project will release 827.6 million tokens to the market on May 15. The total value of tokens to be released was over $1.25 billion at the time of Wu’s report. This amount represents 757.95% of AEVO’s current circulating supply.
Pyth Network will carry out the second major token unlock event identified by Wu in May. The altcoin project plans to release 2.13 billion PYTH on May 20. At the time Wu reported, the value of the tokens to be released was approximately $1.21 billion. This reflected 141.67% of PYTH’s circulating supply.
The impact of altcoin projects on the market with token unlocking activity
Token Unlock details give insight to crypto users. Thus, it prepares them for the eventual economic dynamics that will enter the crypto market. Most users will adapt their investment strategies to absorb the influx of tokens into the market. Therefore, these events have the potential to influence market sentiments.
The statements in the article are not investment advice. cryptokoin.com We strongly recommend that you do your own research before investing.
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