Nearly $1.5 billion worth of tokens will be unleashed in August, with Ripple leading the charge.
Ripple unlocks 1 billion XRP tokens, worth $609 million, on August 1.
Other notable unlocks in August include AVAX, Sui, W, SAND, ZetaChain, dYdX, IMX, etc.
A massive $1.5 billion wave of token unlocks is set to hit the crypto market in August, with Ripple’s XRP leading the way. The XRP token is poised to release 1 billion tokens, valued at approximately $609 million, on August 1st.
Ripple’s massive unlock is part of the platform’s strategic move that began in 2017. The platform engages in a process that unlocks up to 1 billion XRP tokens from two main wallets—Ripple (24) and Ripple (25)—on the first day of each month.
Usually, Ripple re-locks the newly released tokens as part of the strategy. For instance, the platform offloaded 1 billion tokens on June 1 and relocked 800 million subsequently. As per a report in February, the platform locked 800 million tokens, worth more than $400 million in its escrow wallet following a comparatively lower amount of release for the month.
Ahead of the monthly token unlock, XRP is trading on a positive track, marking a slight surge of 1.06% in a day. Currently priced at $0.6062, XRP has experienced a significant uptick of 27% over the past month.
According to Token Unlocks data, SUI, dYdX, Avalanche, Wormhole, and many more tokens are expected to see major unlocks in August. Avalanche and Wormhole together will unlock nearly $449 million worth of tokens, dominating the scene. Specifically, Wormhole will offload 600 million W tokens on August 3, while Avalanche is set to unlock 9.4 million AVAX tokens on August 20.
On the initial day, the market will see several token unlocks, including those for Sui, dYdX, ZetaChain, etc. Sui will release 64 million tokens ($50 million), while dYdX and ZetaChain will offload 8.33 million ($11 billion) and 53.9 million ($34.5 million) tokens, respectively. Other major unlocks include ImmutableX’s 32.5 million IMX tokens, worth $49 million, on August 9, Aptos’ $80 million worth of APT tokens on August 12, and The Sandbox’s $69 million worth of SAND tokens on August 14.
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