The crypto market is gearing up for an eventful week as positive Ethereum ETF news sparked frenzy among crypto traders. On top of that, several notable projects are set to undergo token unlocks.
These unlocks, which involve the release of a substantial number of tokens into circulation, can potentially impact the prices and market dynamics of the respective cryptocurrencies. Investors and traders are keeping a close eye on these unlocks, as they may present both opportunities and challenges for the projects involved.
Top 7 Token Unlocks This Week
According to a recent tweet by analyst Coin Post, the following cryptocurrencies are expected to experience major token unlocks this week:
Pyth Network ($PYTH) – $804M
Avalanche ($AVAX) – $340M
AltLayer ($ALT) – $29.44M
GateToken ($GT) – $15.68M
SPACE ID ($ID) – $13.58M
Bonfida ($FIDA) – $7.18M
Metaplex ($MPLX) – $7.08M
Top 7 token unlocks for this week • Pyth Network – $804M• Avalanche – $340M• AltLayer – $29.44M• GateToken – $15.68M• SPACE ID – $13.58M• Bonfida – $7.18M• Metaplex – $7.08M pic.twitter.com/z81GPDOpRs
— Coin Post (@CoinPostMedia) May 20, 2024
The Pyth Network, an oracle solution, leads the pack with an impressive $804 million worth of PYTH tokens set to be unlocked. Avalanche follows closely with a token unlock of $340 million in AVAX tokens. AltLayer, GateToken, SPACE ID, Bonfida, and Metaplex are also expected to see notable token unlocks, ranging from $29.44 million to $7.08 million.
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As these unlocks take place, the market will be watching closely to see how each project’s token price reacts. For example, the PYTH price pumped over 20% today already.
Read more: Lido DAO (LDO) and PYTH Prices Are Pumping – Here’s Why
While some unlocks may lead to increased selling pressure and temporary price dips, others may be absorbed by strong demand and bullish sentiment. The long-term impact of these unlocks will largely depend on the fundamentals and growth prospects of each project.
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The post Top 7 Crypto Unlocks to Watch This Week: Pyth Network (PYTH), Avalanche (AVAX) and Other Altcoins appeared first on CaptainAltcoin.
