Aug 16, 2024
6thTrade
In the coming week, the cryptocurrency market is set to witness the unlocking of over $213 million worth of digital assets, sparking concern among investors. Token unlock events, which often lead to increased selling pressure, are on the horizon for several major altcoins. The largest of these unlocks involves Avalanche (AVAX), a layer-one blockchain aiming to challenge Ethereum’s dominance.
Avalanche will release tokens valued at an eye-popping $192.74 million into the market. This unlock, amounting to 9.52 million AVAX tokens, represents 2.41% of the circulating supply. Currently trading at $20.59, AVAX has already seen a 6% decline in the past week. The event marks another step in the gradual release of the AVAX supply, 63.07% of which has now been unlocked.
But Avalanche isn't the only ecosystem preparing for a significant token release. Other projects set to see unlocks include Pixels (PIXEL), Space ID (ID), 1Inch (1INCH), Galaxy (GAL), Acala Token (ACA), Forta (FORT), and Ethena (ENA), with all expected to experience short-term volatility.
$ID
Pixels (PIXEL) will release 54.37 million tokens worth $7.26 million, representing 7.05% of its circulating supply. So far, only 20.86% of PIXEL’s total supply has been unlocked, making this a particularly significant event for the ecosystem.
Space ID (ID) will unlock $6.6 million worth of tokens, totaling 18.49 million ID. These tokens make up 4.29% of the ID circulating supply.
Meanwhile, 1Inch (1INCH) will see a relatively modest release of $67.64K worth of tokens, a mere 0.2% of its total circulating supply. Notably, 85.72% of the 1INCH token supply has already been unlocked, meaning this event may have a limited impact on the market.
Other notable unlocks include Galaxy (GAL) with $1.31 million, Ethena (ENA) with $4.46 million, and another round of Galaxy (GAL) worth $933.33K. Additionally, Acala Token (ACA) and Forta (FORT) will unlock $239.79K and $5.85K worth of tokens, respectively, representing small fractions of their circulating supplies.
As the crypto community braces for these significant unlocks, many are keeping a close eye on the potential market impacts. With the value of these tokens set to be released, the market could see increased volatility as investors react to the influx of new supply.
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Disclaimer: The information provided in this article is for informational purposes only and should not be considered financial advice. Cryptocurrency investments are highly volatile and can result in significant financial loss. Always conduct your own research and consult with a qualified financial advisor before making any investment decisions. The views expressed in this article are those of the author and do not necessarily reflect the opinions of the publisher or any affiliated parties. Investing in cryptocurrencies carries inherent risks, and past performance is not indicative of future results. Proceed with caution.