Upcoming Token Releases: These Altcoins Are Set To Inject Billions Into The Crypto Market By May
April 30 2024 - 6:00PM
NEWSBTC
May 2023 is poised to become a landmark month for the crypto
market, with major token releases slated to inject substantial
liquidity and potentially catalyze shifts in market dynamics. Key
developments from AEVO and PYTH and significant contributions from
other projects are set to channel over $3 billion into the
sector. Related Reading: 85% Of Altcoins In “Opportunity Zone,”
Santiment Reveals Substantial Crypto Releases Set the Stage Token
Unlock, a platform dedicated to tracking the release schedules of
digital assets, indicates that May will witness one of the most
substantial influxes of tokens into the cryptocurrency market this
year. At least 20 crypto projects are preparing to unleash tokens
worth more than $10 million each, cumulatively amounting to $3.661
billion. These releases underscore the activity and continuous
growth within the crypto sector, even amid fluctuating market
conditions. Among the tokens set to be released, AEVO and PYTH
stand out with their billion-dollar injections, underscoring their
strong market presence and investor confidence. AEVO, a
decentralized exchange, is scheduled to release 827.6 million AEVO
tokens on May 15, which surpasses $1.25 billion at current
valuations. This release will dramatically increase AEVO’s
circulating supply by 757.95% PYTH Network, known for providing
decentralized market data, plans to follow suit with its
considerable token release. On May 20, PYTH will distribute 2.13
billion tokens, valued at around $1.21 billion, representing
141.67% of its existing circulating supply. Such movements are
pivotal for the projects and the broader market, influencing
liquidity and potentially price stability. In addition to AEVO and
PYTH, Wu Blockchain reports that Token Unlock has identified
several other cryptocurrencies set for significant releases in May.
These include DYDX, ENA, SUI, MEME, GAL, MAVIA, APT, STRK, ARB,
APE, IMX, ROSE, PIXEL, and AVAX. ID, YGG, OP, and PRIME are poised
to release tokens valued at over $10 million each, rounding out a
comprehensive list for the month. According to TokenUnlocks, the
large-amount unlocks in May (unlocked amount greater than $10m)
include DYDX ENA SUI MEME GAL MAVIA APT STRK AEVO ARB APE IMX ROSE
PIXEL PYTH AVAX ID YGG OP PRIME, etc., with an unlock value of over
3.661 billion US dollars. Among them, the unlocked…
pic.twitter.com/tZmihAom3c — Wu Blockchain (@WuBlockchain) April
30, 2024 Anticipating An Altcoin Surge Meanwhile, El Crypto Prof, a
prominent crypto analyst on X, recently projected a significant
rally for the altcoin market based on historical market cycles. He
notes that post-Bitcoin halving periods, like those in 2016 and
2020, typically lead to a phase of accumulation in altcoins,
followed by a market rally. #Altcoins Anyone who is bearish here
obviously hasn’t done their homework. Altcoins about to enter the
parabolic curve, if we repeat 2016 and 2020. History doesn’t repeat
itself, but It often rhymes. -Accumulation1⃣ -Backtest2⃣🎯 -Send
it3⃣ Months of glory ahead imo. pic.twitter.com/uUrKj8qau1 —
𝕄𝕠𝕦𝕤𝕥𝕒𝕔ⓗ𝕖 🧲 (@el_crypto_prof) April 28, 2024 The analyst suggests
the current market mirrors these past cycles, indicating a
potential upcoming surge. He believes this could result in the
altcoin market cap potentially doubling from its current estimate
of around $1 trillion to $2 trillion. Related Reading: Crypto Guru
Reveals Top Altcoin Picks And DeFi Risks: What You Need To Know
Additionally, Daan Crypto Trades, another analyst, supports the
view that the ETH/BTC ratio is a more accurate measure of altcoin
market sentiment than the SOL/BTC ratio, signaling positive
prospects for altcoins. Featured image from Unsplash, Chart from
TradingView.
dYdX (COIN:DYDXUSD)
Historical Stock Chart
From Aug 2024 to Sep 2024
dYdX (COIN:DYDXUSD)
Historical Stock Chart
From Sep 2023 to Sep 2024