August is about to usher in a huge token unlock for 19 altcoins, some of which have already released a large number of tokens in the past few weeks, but the price has dropped. In the coming days, there will also be a series of important dates related to the unlocking of various tokens.
The first is Injective (INJ), which plans to issue tokens worth $23.58 million on August 21, 2023. Subsequently, Algorand (ALGO) and Space ID (ID) will issue tokens worth $3.24 million and $3.71 million on August 22, respectively. The token unlocking volume of these projects will have an impact on the market. $INJ
Next up are Bonfida (FIDA) and Coin98 (C98), which plan to issue $3.06 million and $2.7 million in tokens, respectively, on August 23. On the same day, Ribbon Finance (RBN) and Mask Network (MASK) will also unlock tokens, issuing $4.86 million and $1.76 million in tokens, respectively.
H2O Dao (H2O) and Pintu Token (PTU) will issue $3.48 million and $1.14 million of tokens on August 25. SophiaVerse (SOPH) plans to issue $1.89 million of tokens on the same day.
GateToken (GT) and Dogechain (DC) plan to issue 25.81 million and 2.16 million tokens on August 26. In addition, Black Stallion (BS) will also be launched on the same day, issuing 1.16 million tokens.
Finally, Flow (FLOW), Axelar (AXL), Yield Guild Games (YGG), and HOPR (HOPR) will issue $6.19 million, $9.19 million, $2.27 million, and $2.8 million of tokens, respectively, on August 27.
These token unlocks have a complex and multifactorial impact on altcoin prices. For example, AAVE unlocked 100 million DAI worth of tokens on July 29, 2020, resulting in a significant drop in altcoin prices, especially on that date. Furthermore, the SAND token was also negatively impacted during its unlock a few weeks ago.
Token unlocking usually leads to an increase in market supply, which can put pressure on prices. Investors tend to pay attention to the project team's use and sales plans for the unlocked tokens, as well as the market demand for these tokens. If the project party can effectively manage the token supply, make reasonable use of the unlocked tokens, and have a clear development plan and vision, it may help maintain or increase the price of the altcoin.
However, if the market is concerned about the supply of unlocked tokens and there is not enough demand to absorb these tokens, prices may be pressured. Therefore, investors need to do research on the unlocking plan of each project and evaluate its impact on the market.
In short, a large number of token unlocking of 19 altcoins will occur in August. These unlocking will have a certain degree of impact on the market, and investors need to pay close attention to the governance and development of the projects in order to make wise investment decisions.
