– Trader Joe’s token unlock event will take place on May 3, with a daily unlock of 54,000 JOE tokens.
– Despite JOE’s recent downtrend, other stats have all gone up.
The buzz around Trader Joe [JOE]a decentralized exchange (DEX) on Avalanche [AVAX] and several other chains, has been hard to ignore lately. However, all eyes will be on the project’s original token as it prepares for its upcoming unlock.
Read Trader Joes [JOE] Price Forecast 2023-24
Trader Joe announces unlock date
Token Unlocks shared that Trader Joe was preparing to unlock the remaining tokens that were previously locked. According to their data, only 3% of the total token was still locked. The total number of locked tokens was about 16.68 million, worth about $10.42 million at the time of writing.
Source: Token Unlocks
In about 16 days, around May 3rd, the highly anticipated Trader Joe token unlock event will take place. Interestingly, the unlocking will be linear, meaning a specific number of tokens will be unlocked at each interval and not all at once.
Specifically, there will be a daily unlock of 54,000 JOE, which translates to over $33,000. At the time of writing, there were over 483 million JOE Tokens in circulation, worth over $301 million.
Joe v2 sees an upward trend in volume and TVL
Trader Joe has made significant improvements to his Liquidity Book, the automated market maker used for trading. The upgrade includes the introduction of auto-pools, which automatically manage depositors’ active positions in high-yield liquidity pools to reduce risk.
In addition, the exchange launched a new rewards program that rewards those who participate in Trader Joe’s concentrated liquidity by doling out tokens to them.
The recent launch of Trader Joe v2 has produced impressive results, with notable improvements in key metrics. According to DefiLlama, the Total Value Locked (TVL) on Joe v2 has been on an upward trend since March.
Although there was a slight dip in April, the TVL quickly resumed its upward trend. At the time of writing, it was an impressive $57.3 million, most of which came from the Avalanche chain.
Source: DefiLlama
In addition, the platform has experienced an increase in trading volume since the peak observed in March. Currently, the trading volume has surpassed $66 million, reflecting the platform’s growing popularity and increased user activity.
Moreover, the active user stats have also posted decent numbers. However, the level of uptrend seen in volume and TVL was absent.
Trader Joe [JOE] on a daily time frame
Taking a closer look at JOE on a daily time frame, the token has been on a downward trend. At the time of writing, JOE was trading at around $0.62, representing a loss of less than 1%. Despite this plunge, the overall trend for JOE was still bullish.
Source: TradingView
How much are 1,10,100 JOEs worth today?
The Relative Strength Index (RSI) was still above 65, suggesting that the current move could be a price correction rather than a significant change in trend. In general, it is important to follow JOE’s price movements over the next few days.
Given the level of activity on Trader Joe’s platform, the upcoming unlock may not have a negative impact on JOE’s price. The linear model used in the unlocking process also suggests that the price of JOE could see regular activity in May, which could help stabilize the token’s value.
This post Trader Joe [JOE]: Here’s what to expect as token unlocking approaches
was published first on https://ambcrypto.com/trader-joe-joe-heres-what-to-expect-as-token-unlock-approaches/
