Nearly $1.5B in crypto tokens are set for release in August, led by XRP's $600M unlock. Other notable unlocks include Avalanche, Wormhole, and Sui.
August is set to be a significant month for the crypto market, with nearly $1.5 billion in tokens from major projects being unlocked. The bulk of these releases include a $600 million XRP token unlock on August 1st. This massive influx of tokens could influence market dynamics and trading behaviors throughout the month.
Key Points:
XRP Leading the Unlocks:
Ripple will unlock 1 billion XRP tokens worth $609 million on August 1.
Ripple has been consistently unlocking tokens on the first of every month since 2017.
Other Major Token Unlocks:
Wormhole: 600 million W tokens worth $180.5 million will be released on August 3, representing 33.3% of its circulating supply.
Avalanche: 9.4 million AVAX tokens worth $268 million will be unlocked on August 20, making up 2.4% of its circulating supply.
Additional Notable Unlocks on August 1:
Sui: 64 million tokens worth $50 million.
dYdX: 8.33 million tokens worth nearly $11 million.
ZetaChain: 53.9 million tokens worth $34.5 million.
Mid-August Token Releases:
ImmutableX: 32.5 million IMX tokens worth $49 million on August 9.
Aptos: $80 million worth of APT tokens on August 12.
The Sandbox: $69 million worth of SAND tokens on August 14.
Ethereum Layer-2 Networks:
Starknet: 64 million tokens worth $35 million on August 15.
Arbitrum: 92.6 million tokens worth $67 million on August 16.
August's significant token unlocks, led by XRP's $600 million release, are poised to impact the crypto market. Investors and traders should be prepared for potential volatility as these large volumes of tokens become available. Monitoring these events can provide insights into market trends and investment opportunities.
Source: Cointelegraph
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