According to data from Token Unlocks, cryptocurrency assets worth $969 million, equivalent to IDR 15.8 trillion, are set to be unlocked.
Token unlocking in crypto refers to the process where previously frozen or held tokens become available for trading or use, often following a schedule outlined in the project’s whitepaper or agreement.
This process can increase market volatility, create selling pressure, and affect market perception of the token, depending on how token holders respond.
This article discusses the five cryptocurrencies with the largest unlocks in August 2024.
Avalanche (AVAX)
AVAX will unlock 9.54 million AVAX tokens on August 20, 2024, representing 2.42% of the total circulation. The value of this unlock is equivalent to $268.60 million. The tokens will be allocated to strategic partners, the Avalanche Foundation, the team, and for airdrops.
Previously, an unlock occurred on May 22, 2024, with the same number of tokens and distribution allocation. The price of AVAX dropped by 11.6% within two days following the unlock.
Wormhole (W)
W will unlock 600 million W tokens on August 3, 2024, representing 33.33% of the total circulation. The value of this unlock is equivalent to $180.48 million. The tokens will be allocated to the community and for the token launch.
This is the first time Wormhole (W) is unlocking tokens. The previous event was the initial token launch (token generation event, TGE) on April 3, 2024.
Aptos (APT)
APT will unlock 11.31 million APT tokens on August 12, 2024, representing 2.41% of the total circulation. The value of this unlock is equivalent to $80.75 million. The tokens will be allocated to the Aptos Foundation and the community, as part of the routine monthly unlocks, as well as to contributors and investors.
The previous unlock occurred on July 12, 2024, with the same number of tokens and distribution allocation. The price of APT dropped by 6% immediately after the unlock but saw a 25% increase a week later.
The Sandbox (SAND)
SAND will unlock 205.59 million SAND tokens on August 14, 2024, representing 9% of the total circulation. The value of this unlock is equivalent to $69.58 million. The tokens will be allocated to the team, advisors, and company reserves.
The previous unlock occurred on February 14, 2024, with the same number of tokens and distribution allocation. The price of SAND dropped by 5.3% immediately after the unlock but increased by 16.8% within six days following the unlock.
Arbitrum (ARB)
Arbitrum (ARB) will unlock 92.65 million ARB tokens on August 16, 2024, representing 2.77% of the total circulation. The value of this unlock is equivalent to $66.94 million. The tokens will be allocated to the team and advisors, as well as investors.
Previously, an unlock occurred on July 16, 2024, with the same number of tokens and distribution allocation. The price of ARB dropped by 7.4% a day after the unlock.
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