Market Braces for Over $120 Million Worth of Token Unlocks This Week

2023-8-22 19:15

This week, Avalanche will unlock $100 million worth of AVAX tokens. In total, more than $120 million worth of crypto tokens will be introduced in circulation throughout the week. But hat will be the impact on the market?

Nearly $500 million worth of crypto tokens were scheduled to unlock in August. However, this article will delve into the major token unlocks for this week.

Avalanche (AVAX) Team Set to Release $100 Million Worth of Tokens

According to TokenUnlocks, Avalanche will unlock AVAX tokens on Aug. 26, consisting of 2.77% of the circulation supply. As a matter of fact, unlocking 9.54 million AVAX tokens might add a potential selling pressure of $100 million. The community believes that it is quite a significant number.

Strategic partners, Avalanche Foundation, the team, and airdrop winners are the beneficiaries of the upcoming Avalanche token unlocks.

Avalanche (AVAX) token unlocks. Source: TokenUnlocks Impact on AVAX Price?

On May 28, Avalanche unlocked a similar portion of the token. The screenshot below shows that the price of the AVAX token plummeted by more than 30% post-unlock. However, it took the support at the $10.44 price range and bounced back.

The price of AVAX fell 30% post the May token unlocks. Source: TradingView

Zooming out, the chart shows that $10.44 has been an essential long-term support on a weekly time frame. AVAX has mostly remained above that price range since January 2021. If this event brings a similar fall to that of May 2023 token unlocks, then AVAX will breach the support of $10.44

Eventually, the long-term support at $10.44 will act as a resistance, hindering the future upward movement of the AVAX token.

AVAXUSDT weekly chart from Binance. Source: TradingView Other Token Unlocks for This Week

As of writing, token unlock for Space ID (ID) is scheduled in around nine hours. The project will unlock ID tokens consisting of 6.46% of the circulating supply.

Altogether, over 18.49 million ID tokens, worth around $3.62 million, will be distributed to airdrop winners, ecosystem funds, the foundation, and for marketing efforts.

Click here to learn how to create marketing plans for your cryptocurrency startup.

Space ID (ID) token unlocks. Source: TokenUnlocks

Moreover, Yield Guild Games (YGG) will unlock 6.60% of the circulating supply worth around $2.75 million on Aug. 27. The project will allocate 12.22 million YGG tokens to the community, investors, treasury, and founders.

Yield Guild Games (YGG) token unlocks. Source: TokenUnlocks

And the final cliff unlock for Lido DAO (LDO) will happen on Aug. 25. The screenshot below shows that the project’s 99% of the supply is already unlocked. 

The remaining 0.97% of the supply, worth around $13.86 million, will be unlocked on Aug. 25. Lido DAO will distribute 8.50 million LDO tokens to investors.

Lido DAO (LDO) token unlocks. Source: TokenUnlocks

Got something to say about Avalanche token unlock or anything else? Write to us or join the discussion on our Telegram channel. You can also catch us on TikTok, Facebook, or X (Twitter).

For BeInCrypto’s latest Bitcoin (BTC) analysis, click here.

The post Market Braces for Over $120 Million Worth of Token Unlocks This Week appeared first on BeInCrypto.

Similar to Notcoin - TapSwap on Solana Airdrops In 2024

origin »

Market.space (MASP) на Currencies.ru

$ 0 (+0.00%)
Объем 24H $0
Изменеия 24h: 0.00 %, 7d: 0.00 %
Cегодня L: $0 - H: $0
Капитализация $0 Rank 99999
Доступно / Всего 0 MASP

million worth 120 week unlocks token market

Источник: beincrypto.com

million worth → Результатов: 126


Фото:

Estimated 4 Million Bitcoin is Lost Forever by Users’ Forgetfulness

As much as 20 percent of all the Bitcoin in existence is lost forever, Chainalysis has revealed — as the research firm says it handled contracts worth $750,000 since 2016. ‘We Don’t Help People Find Lost Bitcoin’ In comments to The New York Times, Chainalysis said that user failures to create robust methods of password storage meant as much as $20 billion of Bitcoin is locked out of reach.

2018-7-7 03:00


Buglab.io Blockchain-based Cybersecurity platform Conducts $2 Million Worth Bug Bounty Competition for Hackers

The Buglab team has announced it’s giving away $2million worth of BGL tokens to researchers for its upcoming cybersecurity contest. Buglab is set to launch the beta version of its platform and has therefore made it clear that exchanges interested in running a launchpad or promote its TGE will be given its highly effective penetration […] The post Buglab.

2018-7-7 00:50


Venture Capital Andreessen Horowitz launches a crypto fund worth $300M – a16z crypto

American Private Venture Capital, Andreessen Horowitz announced a $300 million worth venture fund named “a16z crypto” for cryptocurrency companies and protocols. Chris Dixion, General partner at Andreessen Horowitz mentioned the same in one of his Twitter posts, which detailed the features of the traditional venture capital.

2018-6-27 00:05


KaratGold Coin (KBC) Gets Enlisted on HitBTC Following One the Biggest ICO’s ever in History

KaratGold Coin (KBC), a game changing cryptocurrency representing cryptonized gold that can be transferred cost efficiently, securely and in real-time across borders, is now listed in HitBTC. A venture from KaratBars International, KaratGold Coin has recently completed a highly successful ICO that secured investments worth over one hundred million USD.

2018-6-26 08:27


KaratGold Coin (KBC) Gets Enlisted on HitBTC Following One the Biggest ICO’s ever in History

KaratGold Coin (KBC), a game changing cryptocurrency representing cryptonized gold that can be transferred cost efficiently, securely and in real-time across borders, is now listed in HitBTC. A venture from KaratBars International, KaratGold Coin has recently completed a highly successful ICO that secured investments worth over one hundred million USD.    June 25, 2018 KaratBars International […]

2018-6-26 05:14


Фото:

6 Reasons Why Bitcoin Price is Down — (And Some Positive News Too)

As the week comes to a close, let us reflect on and digest all the news — most of which was negative, that happened in the cryptocurrency arena affecting Bitcoin price. Oh Look, Another Exchange Hack Tuesday evening, popular South Korean cryptocurrency exchange Bithumb reported a system breach that resulted in approximately $31 million worth of cryptocurrencies being stolen.

2018-6-24 23:00


дальше еще 77 новостей →

Партнеры Currencies.ru

Реклама на Currencies.ru

Самое свежее на Currencies.ru

Crypto Tokens Worth $443 Million Set for November Unlock

Crypto projects are set to unlock tokens worth nearly $443 million in November, with Hashflow, Aptos, and Avalanche having the largest unlocks. The impact on token prices remains uncertain. The post Crypto Tokens Worth $443 Million Set for November Unlock appeared first on BeInCrypto.

AVAX Price Bucks Under The Pressure Of Upcoming $102 Million Token Unlock

While most altcoins are looking toward a recovery from the recent market crash, the AVAX price seems to be gearing up for the opposite. The reason behind this is the massive token unlock that is set to occur this week, which will undoubtedly place more sell pressure on the already struggling price of the digital asset.