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May 2024 Crypto Market Watch: $3.58 Billion in Token Unlocks Set to Stir Volatility

3 mins
Updated by Harsh Notariya
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In Brief

  • May 2024 features $3.58 billion in crypto token unlocks across various projects.
  • Pyth Network (PYTH) leads the way with its $1.24 billion PYTH token release in May.
  • Other highlights include major unlocks from Aevo (AEVO) and Avalanche (AVAX).
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As May approaches, BeInCrypto has identified noteworthy token unlock events set to influence the market. According to data from TokenUnlocks, in May 2024, the crypto market will see the release of approximately $3.58 billion worth of tokens into circulation.

This influx of liquidity will potentially create waves across various digital assets, particularly for Pyth Network (PYTH), Aevo (AEVO), and Avalanche (AVAX), which headline the month’s token unlock events.

Pyth Network’s Major Release

Token unlocks are pivotal for cryptocurrencies, as they introduce previously unavailable tokens to the public market, often leading to price volatility. The substantial amount entering the market next month presents both opportunities and challenges for traders and investors alike.

Leading the charge, Pyth Network plans to unlock 2.13 billion PYTH tokens on May 20, valued at approximately $1.24 billion. This release is divided into several categories:

  • Publisher rewards account for 537.50 million PYTH worth $313.62 million.
  • Ecosystem growth will receive 1.13 billion PYTH, equivalent to $656.40 million.
  • A distribution of 212.50 million PYTH valued at $123.99 million for protocol development.
  • Private sales will see the release of 250 million PYTH, amounting to $145.87 million.

“Buying after a lot of unlocked tokens are dumped here, could be one of the free-est trades around, especially since the next unlock will be after 12 months,” pseudonymous crypto researcher Gold said.

Read more: 11 Cryptos To Add To Your Portfolio Before Altcoin Season

PYTH Token Unlock in May 2024.
PYTH Token Unlock. Source: TokenUnlocks

Aevo Steps Up

Not far behind, Aevo is preparing to release 827.6 million AEVO tokens on May 15, totaling $1.24 billion in market value. The details are as follows:

  • Initial private sale investors will claim 172.97 million AEVO worth $259.45 million.
  • The team allocation comprises 215.04 million AEVO, totaling $322.56 million.
  • The DAO treasury will receive an allotment of 336.59 million AEVO, worth $504.88 million.
  • 103 million AEVO worth $154.50 million for other purposes.
AEVO Token Unlock in May 2024.
AEVO Token Unlock. Source: TokenUnlocks

Avalanche’s Scheduled Distribution

Avalanche is also setting up for a significant token release on May 22, with 9.54 million AVAX tokens valued at $329.19 million. The distribution plan includes:

  • Strategic partners will receive 2.25 million AVAX, worth $77.63 million.
  • Ecosystem growth initiatives will receive an allotment of 1.67 million AVAX, valued at $57.50 million.
  • Team members will access 4.50 million AVAX, totaling $155.25 million.
  • An allocation of 1.13 million AVAX, worth $38.81 million, for airdrop.
AVAX Token Unlock. Source: TokenUnlocks

$147.95 Million of MEME Token Unlock

Meanwhile, Memecoin is preparing for a significant token unlock on May 3, 2024, with 5.31 billion MEME tokens valued at approximately $147.95 million. The unlock structure is as follows:

  • A substantial 3.45 billion MEME, worth $96.07 million, is designated for airdrop.
  • Advisory roles will be recognized with 1.04 billion MEME, amounting to $28.82 million.
  • Investors will be allocated 828 million MEME, valued at $23.06 million.
MEME Token Unlock in May 2024.
MEME Token Unlock. Source: Token Unlocks

Aptos’ Strategic Allocation

Aptos has scheduled an unlock of 11.31 million APT tokens on May 12, 2024, with a total value of $102.01 million. The details of this unlock include:

  • The foundation will receive 1.33 million APT worth $12.03 million.
  • The community will receive an allocation of 3.21 million APT, valued at $28.96 million.
  • Core contributors will gain access to 3.96 million APT, worth $35.70 million.
  • Investors will receive an allotment of 2.81 million APT, totaling $25.33 million.

Read more: An Ultimate Guide to Aptos Cryptocurrency (APT) and Its Network

APT Token Unlocks
APT Token Unlocks. Source: TokenUnlocks

Additionally, smaller but significant unlocks include dYdX (DYDX), Sui (SUI), and Ethena (ENA).

These additional unlocks are part of a broader trend where increasing token liquidity meets with both enthusiasm for potential growth and cautious assessment of market impact. For investors, understanding the specifics of each unlock is vital. This includes the amount of tokens released, their intended use, and the overall market conditions at the time.

As the market prepares for these and other unlocks, investors should maintain a strategy that accounts for potential increases in token supply and the resultant price movements. Watching how these tokens integrate into their respective ecosystems will be key.

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Lynn Wang
Lynn Wang is a seasoned journalist and content creator with over eight years of experience in digital marketing and cryptocurrency journalism. Her expertise lies in SEO strategy, blockchain technology, and Web3, where she has consistently delivered impactful content initiatives and engaged audiences effectively. Since January 2022, Lynn has been at the forefront of content and community efforts for BeInCrypto Indonesia. Under her leadership, the platform has witnessed remarkable growth,...