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The Pyth Network price slumped 9% in the past 24 hours to trade for $0.4385 as of 05:23 a.m. EST on trading volume that skyrocketed 414%
The dump came as the Pyth Network unleashed a large token unlock.
Pyth Network Price Dumps On Voluminous Token Unlocks Event
Data according to tokenunlocks.app shows that the network is unlocking $935.52 million worth of tokens. This was after 2.13 billion PYTH tokens were unleashed as part of a cliff unlocks event. The tokens comprise 141.67% of the network’s circulating supply.
Token unlocks are considered bearish catalysts because a significant number of tokens are unlocked and become available for trading. This can lead to increased selling pressure and downward price movement.
Token unlocks typically result in a sudden increase in the supply of the cryptocurrency. If there is not enough demand to absorb this new supply, it can lead to a decrease in price as sellers outnumber buyers.
Nevertheless, one trader on X, @ModestusOkoye, observes that the impact of this token unlock event may not be that bad despite the volume. He bases the expectation on the fact that the token allocation means a lot won’t be cashed in immediately for early gains. That’s because PYTH tokens will go toward publisher awards, ecosystem growth, protocol development, and private sales.
$PYTH is set to unlock 141.67% of its supply today
But don't fret!
I don't think the majority of the token will be dumped.
Here is why👇👇 pic.twitter.com/4Z7vwrMYaG
— DeFi Scholar 🎓🎓 (@ModestusOkoye) May 20, 2024
Understanding the motivations and intentions of token recipients can provide insights into potential price movements and help investors make informed decisions.
Meanwhile, data according to blave.org shows that PYTH bulls are quickly taking advantage of the correction to buy the dip.
聽說許多交易員正在做空 $PYTH 因為今天 @PythNetwork 代幣解鎖消息…
💡代幣解鎖是否一定會跌？可由數據來輔助判斷！
1️⃣ 籌碼集中度（HC）多頭集中度持續增加，主力持續積累籌碼；
2️⃣ 巨鯨警報（WH）今天低點區大增，進一步確認主力入場做多；
3️⃣… pic.twitter.com/ov8LdyZ7yF
— Blave (@__Blave__) May 20, 2024
The price plunge also comes after the Pyth Network released its LISUSD/USD price feed, a decentralized, unbiased, collateral-backed de-stablecoin soft-pegged to the US Dollar by the Lista DAO.
The Pyth Network has released its lisUSD/USD price feed.$lisUSD is a decentralized, unbiased, collateral backed destablecoin soft-pegged to the US Dollar by @lista_dao.
The Pyth LISUSD/USD price feed is now available on more than 55 blockchains. pic.twitter.com/B9yRX9F6Zo
— Pyth Network 🔮 (@PythNetwork) May 20, 2024
Pyth Network Price Prediction
The Pyth Network price appears primed for a recovery as bulls defend the $0.3763 support level. A bounce atop this buyer congestion level would send the PYTH price to the centerline of the Bollinger indicator at $0.4725.
If PYTH holders can keep their profit appetite in check, and the bulls muster more buying momentum, gains will come. A strong move beyond the trendline of the Fibonacci indicator, marked by the descending trendline, could see the Pyth Network price extend north.
In a highly bullish case, the Pyth Network price could test the upper band of the Bollinger indicator at $0.5704. A strong move above this blockade would open the gains for more upside potential, with the altcoin likely to test the 50% Fibonacci placeholder of $0.7629.
Notably, the volume profile shows a large green histogram bar, pointing to growing bullish sentiment in the PYTH market.
GeckoTerminal: PYTH/USDT 1-day chart
On the other hand, if profit booking abounds, the Pyth Network price could drop. A slip below the $0.3763 support level would send the PYTH token to a cliff, setting the stage for further downside.
Meanwhile, as the Pyth Network price defends against a new all-time low below $0.3763, new presale eTukTukTUK is gaining traction.
According to YouTuber DCA Crypto, the TUK token has big potential in 2024 and is ”changing the world.” He urges investors to ”get in early.”
Promising Alternative To Pyth Network’s PYTH Token
TUK is the native token for the eTukTuk ecosystem and its presale has already raised upwards of $3.3 million.
The project combines AI and blockchain technology to tackle the world’s carbon emissions head-on. With a focus on the transportation industry, the project is uniquely placed to revamp the way people in developing countries move around.
1/ As our world races ahead, personal vehicles surge, bringing environmental challenges. But there's hope! 🚗❌
Today, we explore cities championing eco-friendly public transport.
Buckle up! 🌿 pic.twitter.com/joRizVjYRh
— eTukTuk (@eTukTukio) February 7, 2024
An innovative electric Tuk Tuk is at the heart of eTukTuk’s ambitious plan. These mini taxis are a popular mode of transport in highly populated countries like Sri Lanka, Bangladesh, and Pakistan. The introduction of such electric vehicles reflects a commitment to improving the environment and community welfare.
Electric vehicles do more than just reduce emissions.
They bring cleaner air, quieter streets, economic growth, and better community connectivity.
Join the #eTukTuk movement and experience the social benefits of EVs! 🌍💚 pic.twitter.com/V2IP77tNiV
— eTukTuk (@eTukTukio) May 18, 2024
eTukTuk’s native crypto, TUK, acts as a utility token within the green AI ecosystem. It allows users to transact seamlessly on-chain and within the eTukTuk environment.
Investors can also capitalize on eTukTuk’s staking mechanism, with the initiative offering stakers an 84% annual percentage yields (APY). Users will get 4.75 $TUK for each BSC block in $TUK token incentives.
YouTuber and crypto analysts Jacob Bury says TUK has the potential to soar 10x after launch.
TUK tokens are priced at $0.0315, but a price hike is coming in a little over four hours.
Also Read:
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- eTukTuk (TUK) Storming Into 2024 With Massive Funding, Learn Why Here
- Best AI Crypto Coin Projects: Top Picks for 2023
- eTukTuk Strives to Bring Sustainable Transport to Developing Nations With Its Innovative Three-Wheeler EV and Charging Infrastructure
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