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These altcoins are set to inject billions into the cryptocurrency market by May
These altcoins are set to inject billions into the cryptocurrency market by May
May 2023 is set to be a pivotal month for the cryptocurrency market major token releases it should inject significant liquidity and potentially catalyze changes in market dynamics.
Key developments from AEVO and PYTH and significant contributions from other projects are expected to channel more than $3 billion into the sector.
Substantial cryptocurrency releases set the stage
Token Unlock, a platform dedicated to tracking digital asset release schedules, indicates that May will witness one of the largest inflows of digital assets tokens in the cryptocurrency market this year.
At least 20 crypto projects are preparing to release tokens worth more than $10 million each, for a total of $3.661 billion. These releases highlight the activity and continued growth in the cryptocurrency industry, even in fluctuating market conditions.
Among the tokens to be released, AEVO and PYTH stand out with their billion-dollar injections, underlining their strong market presence and investor confidence.
AEVO, a decentralized exchange, is expected to release 827.6 million AEVO tokens on May 15, which exceeds $1.25 billion at current valuations. This release will dramatically increase the circulating supply of AEVO by 757.95%
PYTH Network, known for providing decentralized market data, plans to follow suit with its sizable token release. On May 20, PYTH will distribute 2.13 billion tokens, worth approximately $1.21 billion, representing 141.67% of its existing circulating supply.
Such movements are critical to projects and the broader market, affecting liquidity and potentially price stability.
In addition to AEVO and PYTH, Wu Blockchain relationships 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 set to release tokens worth over $10 million each, rounding out the full list for the month.
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According to TokenUnlocks, large amount unlocks in May (amount unlocked above $10 million) include DYDX ENA SUI MEME GAL MAVIA APT STRK AEVO ARB APE IMX ROSE PIXEL PYTH AVAX ID YGG OP PRIME, etc., with a higher unlock value to 3.661 billion US dollars. Among these, the unlocked one… pic.twitter.com/tZmihAom3c
— Wu Blockchain (@WuBlockchain) April 30, 2024
Anticipate an Altcoin surge
Meanwhile, El Crypto Prof, a leading crypto analyst on X, recently predicted a significant rally for the altcoin market based on historical market cycles. He notes that post-Bitcoin half-lives, such as those in 2016 and 2020, typically lead to a phase of altcoin accumulation, followed by a market rally.
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Anyone who is bearish here obviously hasn’t done their homework.
Altcoin about to enter the parabolic curve, if we repeat 2016 and 2020.
History doesn’t repeat itself, but it often rhymes.
-Accumulation1⃣
-Backtest2⃣🎯
-Send it3⃣Months of glory ahead of me. pic.twitter.com/uUrKj8qau1
— 𝕄𝕠𝕦𝕤𝕥𝕒𝕔ⓗ𝕖 🧲 (@el_crypto_prof) April 28, 2024
The analyst suggests that the current market mirrors these past cycles, indicating a potential impending surge. He believes this could result in the Altcoin market capitalization potentially doubling from the current estimate of about $1 trillion to $2 trillion.
Furthermore, Daan Crypto Trades, another analyst, supports the idea that the ETH/BTC ratio is a more accurate measure of altcoin market sentiment relative to the SOL/BTC ratio, signaling a positive outlook for altcoins.
Featured image from Unsplash, chart from TradingView.