Pyth Network Price Prediction: PYTH Plunges 9% on Unlocking $1 Billion Token as Experts Say Consider This Green Cryptocurrency for 10X Gains.

adminMay 21, 2024

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The price of Pyth Network has fallen 9% over the past 24 hours, trading at $0.4385 as of 5:23 AM ET, with volume surging 414%.

The dump occurred as Pyth Network was executing a large token unlock.

Pyth Network Price Drops for Massive Token Unlock Event

According to tokenunlocks.app, data shows the network is unlocking $935.52 million worth of tokens. This followed the release of 2.13 billion PYTH tokens as part of the Cliff Unlock event. The token accounts for 141.67% of the network’s circulating supply.

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Unlock PYTH tokens

Token unlocking is considered a bearish catalyst as a significant number of tokens are unlocked and become tradable. This can increase selling pressure and push prices down.

Token unlocking usually results in a rapid increase in cryptocurrency supply. If there is not enough demand to absorb this new supply, there may be more sellers than buyers, causing prices to fall.

Nonetheless, one trader on He is counting on the fact that token allocations will not be immediately cashed out in large quantities for early profits. This is because PYTH tokens will be used for publisher awards, ecosystem growth, protocol development, and private sales.

$PYTH We will unlock 141.67% of our supply today.
But don’t worry!
I don’t think most of the tokens will be thrown away.
The reason is 👇👇 pic.twitter.com/4Z7vwrMYaG
— DeFi Scholar 🎓🎓 (@ModestusOkoye) May 20, 2024

Understanding the motivations and intentions of token recipients can provide insight into potential price movements and help investors make informed decisions.

Meanwhile, data shows PYTH bulls are quickly taking advantage of the correction to buy dips, according to blave.org.

I heard that many traders are taking short positions. $PYTH Because today @PythNetwork Token unlock news…
💡Are unlocked tokens guaranteed to drop? Data can help you make decisions!
1️⃣ Chip Concentration (HC): Bull concentration continues to increase and key players continue to accumulate chips.
2️⃣ Whale Warning (WH) has increased sharply from the low area today, further confirming that major players are entering the market with long positions.
3️⃣… pic.twitter.com/ov8LdyZ7yF
— Blave (@__Blave__) May 20, 2024

The price plunge also comes after Pyth Network launched its LISUSD/USD price feed, a decentralized, unbiased, collateral-backed destablecoin soft-pegged to the US dollar by the Lista DAO.

Pyth Network has released its lisUSD/USD price feed.$lisUSD It is a decentralized, unbiased, collateral-based destablecoin soft-pegged to the US dollar by . @lista_dao.
Pyth LISUSD/USD price feed is now available on 55+ blockchains. pic.twitter.com/B9yRX9F6Zo
— Pyth Network 🔮 (@PythNetwork) May 20, 2024

Pyth Network Price Prediction

Pyth Network price appears ready for a recovery as bulls defend the $0.3763 support level. A bounce above this buyer stagnation level would send PYTH price towards the central line of the Bollinger indicator at $0.4725.

Profits will accrue as PYTH holders curb their profiteering and the bull market gathers more buying momentum. A strong move above the Fibonacci indicator’s trend line, indicated by a descending trend line, could see the Pyth Network price extend northward.

In a very bullish case, the Pyth Network price could test the upper band of the Bollinger indicator at $0.5704. A strong move beyond this block will open profits for further upside potential, with the altcoin likely to test the 50% Fibonacci placeholder at $0.7629.

Notably, the volume profile displays large green histogram bars, indicating growing bullish sentiment in the PYTH market.

pice network

GeckoTerminal: PYTH/USDT 1-day chart

On the other hand, if there is a lot of profit booking, the Pyth Network price may fall. A slip below the $0.3763 support level would send the PYTH token over the cliff, setting the stage for further declines.

Meanwhile, a new pre-sale eTukTukTUK is gaining attention as the Pyth Network price defends its all-time low below $0.3763 .

According to YouTuber DCA Crypto, the TUK token has great potential in 2024 and is “changing the world.” He urged investors to “get involved early.”

A promising alternative to the PYTH token on the Pyth Network

TUK is the native token of the eTukTuk ecosystem. Pre-sales have already raised more than $3.3 million.

This project combines AI and blockchain technology to tackle the global carbon emissions problem head-on. With its focus on the transportation industry, this project is uniquely positioned to transform the way people in developing countries get around.

1/ As the world competes, the number of personal vehicles increases rapidly and environmental problems arise. But there is hope! 🚗❌
Today we will take a look at cities that advocate for eco-friendly public transportation.
Fasten your seat belt! ❤️ pic.twitter.com/joRizVjYRh
— eTukTuk (@eTukTukio) February 7, 2024

The innovative electric Tuk Tuk is the centerpiece of eTukTuk’s ambitious plans. These mini taxis are a popular means of transportation in densely populated countries such as Sri Lanka, Bangladesh and Pakistan. The introduction of these electric vehicles reflects our commitment to improving the environment and community well-being.

Electric vehicles do more than reduce emissions.
This results in cleaner air, quieter streets, economic growth, and better community connectivity.
join #eTukTuk Experience the social benefits of electric vehicles on the go! 🌍💚 pic.twitter.com/V2IP77tNiV
— eTukTuk (@eTukTukio) May 18, 2024

TUK, eTukTuk’s native cryptocurrency, serves as a utility token within the Green AI ecosystem. This allows users to transact seamlessly both on-chain and within the eTukTuk environment.

Investors can also utilize eTukTuk’s staking mechanism, which offers stakers an 84% Annual Percentage Yield (APY). Users will receive 4.75 $TUK for each BSC block as $TUK token incentive.

YouTuber and cryptocurrency analyst Jacob Bury says TUK has the potential to rise 10x after launch.