Ripple will unlock $609 million in XRP tokens on August 1, continuing its monthly pattern since 2017.
Wormhole is releasing 600 million W tokens, valued at $180.5 million, on August 3.
ImmutableX, Aptos, and The Sandbox will unlock tokens worth $49M, $80M, and $69M, respectively, throughout August.
August is poised to see significant activity in the cryptocurrency market with nearly $1.5 billion in tokens scheduled for release. The largest share comes from Ripple, which will unlock up to 1 billion XRP tokens on August 1. This release, valued at approximately $609 million, follows Ripple’s established pattern of monthly unlocks since 2017. Ripple uses several escrow wallets, including Ripple (24) and Ripple (25), to manage these unlocks.
Despite the large volume of tokens being unlocked, Ripple may re-lock a substantial portion. Historically, Ripple has re-escrowed up to 800 million XRP from its June unlock. However, the company still sold around 300 million XRP worth $182 million, as recorded by TradingView. This practice of re-escrowing can significantly reduce the actual amount of XRP entering circulation.
Other Major Tokens Scheduled for Release
In addition to Ripple, several other major projects are set to unlock significant amounts of their tokens this month. On August 3, Wormhole will release 33.3% of its circulating supply, translating to 600 million Wormhole (W) tokens worth $180.5 million. This follows Wormhole’s airdrop launch earlier this year.
$600M XRP token release to bring August crypto unlocks to $1.5B: The month of August is shaping up to be a big month for token unlocks, with just shy of $1.5 billion in tokens being released to the market. https://t.co/bCkXnug2XF #CryptoNews #crypto #Bitcoin pic.twitter.com/2mD1vVhonI
— @zimisss (@zimisss) July 29, 2024
Avalanche will unlock 2.4% of its supply on August 20, releasing 9.4 million AVAX tokens valued at $268 million. This release is part of a broader schedule that also includes notable releases from Sui, dYdX, and ZetaChain.
Sui will unlock 2.56% of its circulating supply on August 1, amounting to 64 million tokens valued at $50 million. dYdX will release 8.33 million tokens worth nearly $11 million on the same day, targeting various stakeholders including investors and staff.
Meanwhile, ZetaChain will unlock nearly 18.9% of its supply, releasing 53.9 million ZETA tokens valued at approximately $34.5 million.
Additional Token Unlocks and Market Impact
Further into the month, ImmutableX will unlock 32.5 million IMX tokens on August 9, valued at $49 million. Aptos will follow with a release of $80 million worth of APT tokens on August 12. On August 14 the Sandbox will release SAND tokens valued at $69 million. Additionally participating are Ethereum layer-2 networks with Arbitrum releasing 92.6 million ARB tokens on August 16 and Starknet unlocking 64 million STRK tokens on August 15.
These unlocks will significantly impact the market, potentially affecting token values and overall market dynamics.
The upcoming token releases in August mark a busy period for the cryptocurrency market. With substantial unlocks from major players like Ripple, Wormhole, and Avalanche, market participants should stay informed about potential shifts in token availability and value.
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The post Ripple Unlocks $609M in XRP as $1.5B in Crypto Tokens Release This August appeared first on Crypto News Land.
