Major Token Unlocks: Over $213 Million Set to Enter the Market, AVAX Takes the Lead
In the coming week, several major token unlockings are scheduled to take place, unleashing a total of $213 million worth of digital assets onto the market. This news has sparked concern among investors, as token unlocking events are often associated with selling pressure. The largest ecosystem to release tokens is Avalanche (AVAX), a layer one blockchain platform that aims to challenge Ethereum’s dominance.
Token Unlocks, a popular social media platform, confirmed that in addition to AVAX, other ecosystems planning to release coins include Pixels (PIXEL), Space ID (ID), 1Inch (1INCH), Galaxy (GAL), Acala Token (ACA), Forta (FORT), and Ethena (ENA). These altcoins may experience increased volatility in the short term.
AVAX is expected to unlock tokens worth an impressive $192.74 million or 9.52 million AVAX tokens, representing 2.41% of the altcoin’s circulating supply. As recorded by CoinMarketCap, the current trading price for AVAX is $20.59, experiencing a 6% decline over the past week. So far, 63.07% of the token’s supply has been unlocked.
Additionally, 54.37 million PIXEL tokens, equivalent to $7.26 million, will be unlocked, accounting for 7.05% of the circulating supply. However, only 20.86% of the total supply has been unlocked thus far. Furthermore, $6.6 million worth of ID tokens, totaling 18.49 million tokens, will be released, representing 4.29% of the ID circulating supply.
INCH will unlock tokens valued at $67.64K, accounting for only 0.2% of the total circulating supply. The unlocking of INCH tokens is already 85.72% complete. GAL and ENA will unlock $1.31 million and $4.46 million worth of tokens, respectively, with an additional $933.33K in GAL tokens set to be unlocked in the same week.
ACA and FORT will unlock $239.79K and $5.85K worth of tokens, respectively, representing 0.46% and 0.01% of their respective circulating supplies.
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