Next week will feature significant events in the cryptocurrency market, with major token unlocks anticipated. Token unlocks, or the release of previously frozen tokens, occur due to investment rounds or other funding initiatives.
Tokenomics is typically planned to avoid drastic price drops from mass sales post-unlock. However, factors such as low liquidity or early investors taking profits can negatively impact prices.
Highlighted below are three important token unlocks to watch next week:
Pyth Network (PYTH)- Unlock Date: May 20
- Tokens Unlocked: 2,130,000,000 PYTH
- Current Circulating Supply: 1,500,000,000 PYTH
Pyth Network is a blockchain oracle that collects cryptocurrency price data and integrates it into blockchain networks, allowing users to track market changes and create price-reactive smart contracts. The maximum PYTH issuance is 10 billion tokens. On May 20, 2.13 billion tokens will be unlocked and distributed among private sale participants, publishers, and protocol developers.
Space ID (ID)- Unlock Date: May 22
- Tokens Unlocked: 18,490,000 ID
- Current Circulating Supply: 430,506,132 ID
Space ID is a decentralized identification protocol linking people, assets, and applications across various blockchains. The platform allows using a single domain name to represent one's identity across all dApps and networks. On May 22, more than 18 million ID tokens will be unlocked and distributed among the Space ID fund and airdrop participants.
Avalanche (AVAX)- Unlock Date: May 22
- Tokens Unlocked: 9,540,000 AVAX
- Current Circulating Supply: 382,775,370 AVAX
Avalanche is an open-source platform for launching decentralized applications and deploying public and private blockchains in a unified, scalable ecosystem. The AVAX token is used for paying fees and transactions within Avalanche subnets and can also be staked with an annual yield of 11%. At the end of May, more than 9 million AVAX tokens will be unlocked and distributed among strategic partners, the Avalanche fund, the project team, and airdrop participants.
