As August approaches, notable token unlock events are expected to impact the market. BeInCrypto has highlighted the top five unlocks that could influence market dynamics.
Data from TokenUnlocks indicates that, in August 2024, over $900 million worth of tokens will enter circulation. This increase of liquidity could potentially affect various digital assets.
Anticipated Token Unlock Events in August 2024
Token unlocks are crucial for the crypto market because they release coins that were previously unavailable to the public. The substantial amount entering the market in August presents both opportunities and challenges for traders and investors alike.
Avalanche (AVAX)
The largest cliff of the next month is AVAX. On August 20, Avalanche will unlock 9.54 million tokens, valued at roughly $251.33 million. This represents 2.42% of AVAX’s circulating supply. The distribution will be as follows:
- Strategic partners: 2.25 million AVAX ($59.27 million)
- Foundation: 1.67 million AVAX ($43.90 million)
- Team: 4.5 million AVAX ($118.53 million)
- Airdrop: 1.13 million AVAX ($29.63 million)
Read more: 11 Best Avalanche (AVAX) Wallets to Consider in 2024
Wormhole (W)
The second-largest token unlock will occur on August 3, when Wormhole will release 600 million tokens, accounting for 33.33% of its circulating supply. The team has allocated these coins, valued at approximately $151.67 million, for the community and the launch.
The event has received mixed reactions from crypto enthusiasts. Some see it as a positive move for liquidity, while others worry about the potential market impact.
“There is nothing abnormal. 18% was 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 are saying the team is selling, the tokens for core contributors (i.e. team) haven’t even been unlocked yet,” one X user explained.
Aptos (APT)
Next on the list is Aptos, which will distribute 11.31 million APT on August 12. The unlock represent 2.41% of its circulating supply, worth approximately $76.45 million. The release will be divided as follows:
- Foundation: 1.33 million APT ($9.01 million)
- Community: 3.21 million APT ($21.7 million)
- Core contributors: 3.96 million APT ($26.76 million)
- Investors: 2.81 million APT ($18.98 million)
Read more: Where To Buy Aptos (APT): 5 Best Platforms for 2024
The Sandbox (SAND)
The Sandbox conducts two token unlocks per year, i.e., in February and in August. Its second unlock for 2024 is scheduled for August 14, 2024. The project is scheduled 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)
- Advisors: 37.50 million SAND ($12.18 million)
- Company Reserve: 96.84 million SAND ($31.44 million)
Arbitrum (ARB)
ARB, the native token of Ethereum Layer-2 Arbitrum, will 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 divide as follows:
- Team, Future Team + Advisors: 56.13 million ARB ($39.48 million)
- Investors: 36.52 million ARB ($25.69 million)
Read more: Arbitrum (ARB) Price Prediction 2024/2025/2035
In addition to these tokens, there would be smaller but significant unlocks, including dYdX (DYDX), Sui (SUI), ZetaChain (ZETA), Galxe (GAL), and others.
These token unlocks contribute to a broader trend of increasing liquidity, prompting both optimism for potential growth and caution regarding market impact. For investors, it’s crucial to understand the specifics of each unlock, including the number of coins released, their intended use, and the overall market conditions at the time.
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