Ripple Takes the Lead in $1.5B Cryptocurrency Token Unlock in August
In August, the cryptocurrency market is poised for significant token unlocks, totalling nearly $1.5 billion. Ripple will kick things off on August 1 by unlocking 1 billion XRP tokens from its Ripple (24) and Ripple (25) wallets, valued at $609 million. This release is part of Ripple’s monthly strategy initiated in 2017.
Anticipating Key Token Unlocks
In addition to Ripple, notable token unlocks in August include Avalanche and Wormhole. On August 3, Wormhole will release 600 million W tokens, representing 33.3% of its circulating supply and valued at $180.5 million. Later in the month, on August 20, Avalanche will unlock 9.4 million AVAX tokens worth $268 million, constituting 2.4% of its circulating supply.
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Token Unlocks in August
Early in the month, Sui, dYdX, and ZetaChain will also conduct token unlocks. Sui will release 64 million tokens valued at $50 million, dYdX will unlock 8.33 million tokens worth nearly $11 million, and ZetaChain will add 53.9 million tokens valued at around $34.5 million to the market on August 1.
Throughout August, ImmutableX, Aptos, and The Sandbox will also unlock tokens on August 9, 12, and 14, respectively. Additionally, Ethereum layer-2 networks Starknet and Arbitrum will contribute to the token unlocks, with Starknet unlocking 64 million tokens valued at $35 million on August 15 and Arbitrum releasing 92.6 million tokens worth $67 million on August 16.
Final Thought
These considerable token unlocks hold the potential to significantly impact market liquidity and trading activity. It will be important to monitor how these releases influence prices and investor sentiment throughout August as market dynamics evolve.
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Kayode Michael is a seasoned cryptocurrency analyst, successful trader, and skilled writer with a strong command of cryptocurrency analysis and price action. He leverages his technical analysis skills to provide valuable insights into emerging market trends and potential opportunities for investors to make informed decisions.
