PYTH's performance is indeed worth paying attention to. The price has dropped approximately 76% from its high, and the market capitalization has also shrunk by nearly 11%. More importantly, all of this happened before the full supply was completely released.

According to data, nearly 47% of PYTH tokens are still locked in unlock schedules. Once these tokens enter circulation, they will inevitably put pressure on the price. Such situations are not uncommon in the crypto market—early-stage projects attract investors, but as the unlock cycle progresses, subsequent supply shocks often become catalysts for price declines.

For holders and observers, understanding the token unlock schedule is crucial. When and to what extent liquidity is released directly affects market expectations and price trends. That’s why, when evaluating crypto projects, it’s important not only to look at current performance but also to deeply analyze their economic model design.