Markets
Discover the Top 5 Token Unlocks of August 2024
As August approaches, major token unlocking events are expected to impact the market. BeInCrypto has highlighted the top five unlocks that could impact market dynamics.
TokenUnlocks data indicates that over $900 million worth of tokens will enter circulation by August 2024. This increase in liquidity could potentially impact various digital assets.
Token Unlock Events Planned for August 2024
Token unlocks are crucial for the cryptocurrency market because release coins that were previously unavailable to the public. The substantial amount released to the market in August presents both opportunities and challenges for traders and investors.
Avalanche (AVAX)
The biggest reef next month is AVAILABLEOn August 20th, Avalanche will unlock 9.54 million tokens, worth approximately $251.33 million. This represents 2.42% of AVAX’s circulating supply. The distribution will be as follows:
- Strategic Partners: AVAX 2.25 million ($59.27 million)
- Founded: AVAX 1.67 million ($43.90 million)
- Team: 4.5 million AVAX ($118.53 million)
- Airdrop: 1.13 million AVAX ($29.63 million)
To know more: 11 Best Avalanche (AVAX) Wallets to Consider in 2024
AVAX Token Unlock. Source: Token Unlocks
Hole in the worm (W)
The second largest token release will occur on August 3, when Wormhole releases 600 million tokens, or 33.33% of its circulating supply. The team has allocated these coins, valued at approximately $151.67 million, to the community and launch.
The event has received mixed reactions from cryptocurrency enthusiasts. Some see it as a positive move for liquidity, while others are concerned about the potential impact on the market.
“There is nothing abnormal. 18% has been unlocked at TGE. The remaining 82% will be unlocked at an average rate of 1.71% of the total supply, per month. And to those who say the team is selling, the tokens for the main contributors (i.e. the team) have not yet been unlocked,” said user X. explained.
Aptos (APT)
Next on the list is Aptos, which will distribute 11.31 million ADAPT (Water and Water Supply) on August 12. The release represents 2.41% of its circulating supply, worth approximately $76.45 million. The release will be broken down as follows:
- Foundation: 1.33 million ADAPT (Water and Water Supply) ($9.01 million)
- Community: APT 3.21 million ($21.7 million)
- Top contributors: APT 3.96 million ($26.76 million)
- Investors: APT 2.81 million ($18.98 million)
To know more: Where to Buy Aptos (APT): 5 Best Platforms for 2024
The Sandbox (SAND)
The sandbox performs two token unlocks per year, namely in February and August. The second unlock for 2024 is scheduled for August 14, 2024. The project is expected to unlock 205.59 million SAND tokens, which make up 9% of the circulating supply.
According to the current market price, the tokens are worth $66.75 million. The distribution will be as follows:
- Team: 71.25 million SAND ($23.13 million)
- Consultants: SAND 37.50 million ($12.18 million)
- Company reserve: SAND 96.84 million ($31.44 million)
Referee (ARB)
ARBthe native token of Ethereal Level-2 Refereewill release 92.65 million tokens worth approximately $65.17 million on August 16. This unlock represents 2.77% of its circulating supply. The release will be split as follows:
- Team, Future Team + Advisors: ARB 56.13 million ($39.48 million)
- Investors: ARB 36.52 million ($25.69 million)
To know more: Arbitrum Price Forecast (ARB) 2024/2025/2035
In addition to these tokens, there would be smaller but significant unlocks, including dYdX (DYDX), On (SUI), ZetaChain (ZETA), Galxe (GAL) and others.
These token unlocks are part of a broader trend of increased liquidity, prompting both optimism about potential growth and caution about market impact. It is critical for investors to understand the specifics of each unlock, including the number of coins released, their intended use, and overall market conditions at the time.
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