Trader Joe's token unlock event will take place on May 3rd, with a daily unlock of 54,000 JOE tokens.
Despite JOE's recent drop, all other indicators have grown.
The excitement around Trader Joe [JOE], a decentralized exchange (DEX) on Avalanche [AVAX] and several other chains, has been difficult to ignore recently. However, all eyes will be on the project's native coin as it prepares for its forthcoming unlock.
Trader Joe announces the unlock date
token unlocks revealed that Trader Joe was getting ready to unlock the remaining locked tokens. Their data indicated that only 3% of the token was still locked. The complete number of tokens locked was roughly 16.68 million, esteemed at around $10.42 million at the hour of composing.
The eagerly anticipated Trader Joe tokens unlock event will take place in just 16 days, around May 3. Interestingly, the unlock will be linear, unlocking a predetermined number of tokens over time rather than all at once.
In particular, there will be an everyday open of 54,000 JOE, which means more than $33,000. Over 483 million JOE tokens worth over $301 million were in circulation at the time of writing.
Joe v2 sees an uptrend in volume and TVL
The automated trading market maker known as the Liquidity Book has undergone significant enhancements at Trader Joe. Auto-pools, which reduce risk by automatically managing depositors' active positions in high-yield liquidity pools, are included in the upgrade.
The exchange also launched a new rewards program that gives tokens to people who participate in Trader Joe's concentrated liquidity.
Trader Joe v2's recent launch has produced impressive outcomes, with notable enhancements in key metrics. Since March, the Total Value Locked (TVL) on Joe v2 has been rising, as stated by DefiLlama.
The TVL quickly resumed its upward trend despite a slight dip in April. As of this composition, it was at a noteworthy $57.3 million, a large portion of which came from the Torrential slide chain.
Additionally, trade volume on the platform has increased since the peak in March. The trade volume has now surpassed $66 million, indicating the platform's expanding popularity and increased user activity.
In addition, the active user Metrics provided some encouraging results. However, the rise seen in volume and TVL was missing.
trader joe [JOE] on a daily schedule
On a daily time frame, JOE showed a downward trend. JOE was selling at roughly $0.62 as of this writing, a loss of less than 1%. Despite this drop, the overall trend for JOE was still positive.
How much is 1,10,100 JOE worth today?
The Relative Strength Index (RSI) was still above 65, suggesting that the current move might be a correction in price rather than a significant change in trend. In general, it is important to monitor JOE’s price movements in the coming days.
Given the level of activity on the Trader Joe platform, the upcoming unlock may not negatively affect the price of JOE. The linear model used in the unlock process also suggests that the JOE price may experience some regular activity in May, which could help stabilize the token’s value.
source: ambcrypto.com
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