Pyth Network Plummets Ahead of Major Token Unlock

Pyth Network, a decentralized oracle network, is experiencing a significant price drop in anticipation of a substantial token unlock scheduled for Monday, May 19. The PYTH token has fallen by 7% in the past 24 hours to $0.1449, reflecting a 21% decline over the past week and leaving it down nearly 87% from its all-time high of $1.20. Despite this downturn, market activity is increasing: trading volume surged by 45.3%, reaching $38.5 million, while derivatives trading spiked by 58%. This indicates cautious anticipation as traders brace for volatility post-unlock.