The Pyth Network price slumped 9% in the past 24 hours to trade for {内容}.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 5.52 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. PYTH token unlocks 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
