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- $3.56 Billion Unleashed: In May 2024, crypto markets witnessed the release of $3.56 billion worth of assets.
- Market Response Varies: Different tokens experience varied market responses post-unlocking, from plummeting prices to significant hikes.
- Investor Preparedness: With careful planning and market analysis, investors can navigate volatility and seize opportunities effectively.
Based on Token Unlocks data, there are around US$3.56 billion equivalent in crypto assets unlocked by May 2024. Unlocking tokens in crypto alludes to the method by which already solidified or held tokens ended up accessible for exchanging or utilization, regularly concurring to a set plan within the whitepaper or project agreement.
This process can increase market volatility, create selling pressure, and influence market perception of the token, depending on how token holders respond. There are five cryptocurrencies with the greatest unlocks in May 2024.
1. Avalanche (AVAX)
AVAX unlocked 9.54 million AVAX tokens on May 22 2024 or 2.52% of total circulation. This unlock value is equivalent to US$364.78 million. These unlock tokens are allocated to strategic partners, Avalanche Foundation, teams, and airdrops. Previously, there was an unlock on February 22 2024 with the same number of tokens and allocation distribution. The price of AVAX fell -7.8% in one day, but increased +27% in the following five days.
2. Memecoin (MEME)
MEME unlocked 5.31 billion MEME tokens on May 3 2024 or 31.99% of total circulation. This unlock value is equivalent to US$159 million. These unlock tokens are allocated for airdrops, advisory teams, and investors. This is the first time Memecoin (MEME) has unlocked tokens. The previous event written was the launch of the first token (token generation event, TGE) on November 3, 2023.
3. Arbitrum (ARB)
ARB unlocked 92.65 million ARB tokens on May 16 2024 or 3.49% of total circulation. This unlock value is equivalent to US$108.4 million. These unlock tokens are allocated to teams and advisors, as well as investors. Previously, there was an unlock on April 16 2024 with the same number of tokens and allocation distribution. ARB prices appear sideways and are not very reactive around unlock time.
4. Pyth Network (PYTH)
PYTH unlocked tokens on May 20 2024 totaling 2.13 billion PYTH or 141.67% of total circulation. This unlock value is equivalent to US$1.42 billion. These unlock tokens are allocated for data publishers, ecosystem growth, protocol development, and private sales. This is the first time Pyth Network has unlocked tokens. The previous event written was the launch of the first token (token generation event, TGE) on November 20, 2023.
5. Aevo (AEVO)
AEVO unlocked 827.6 million AEVO tokens on May 15 2024 or 752.36% of the total circulation. The unlock value is equivalent to US$1.38 billion. These unlock tokens are allocated to initial private sale investors, teams, and DAO treasury. This is the first time Aevo has unlocked tokens. The previous event written was the launch of the first token (token generation event, TGE) on March 13, 2024.
Crypto investors must expect and get ready for their methodologies to confront the enormous token unlocking that will be carried out by huge projects. It is critical to have a strong understanding of the market and a well-thought-out plan to oversee hazards shrewdly.
By considering the potential effect of unlocking tokens, investors can take advantage of opportunities to pick up benefits or ensure their portfolios from high volatility. Careful planning and thorough market analysis will be the key to facing the challenges and opportunities that come.