- Avalanche will unlock the 9.54 million tokens on August 26.
- 53% of AVAX’s total supply has already been unlocked.
Avalanche (AVAX), a smart contract blockchain platform, is all set to make a significant move in the crypto market. The Avalanche blockchain’s native token, AVAX, is scheduled for its next token unlock this week, which will increase the supply of tokens available in the market.
Token Unlocks, the token analytics dashboard, has revealed that Avalanche will unlock the 9.54 million tokens on August 26 this week. The unlock accounts for 2.77% of the total supply, and the tokens are worth $103 million at the time of writing. The unlock includes 2.25 million AVAX tokens for strategic partners, 1.67 million for foundations, 4.5 million for teams, and 1.13 million for airdrops.
Token Unlocks refer to the release of a certain amount of assets that previously locked or restricted from the circulating supply in the crypto market. During this time, the tokens will not able to traded or liquidated. It can significantly impact market liquidity. The restriction on tokens marks a significant stage for Avalanche’s development and ecosystem expansion, as the token release will play an important role in advancing the platform’s growth and innovation.
Avalanche (AVAX) Made a Similar Unlock
According to the Token Unlocks, Avalanche previously made a similar unlock of 9.54 million AVAX on May 28. The unlock accounts for 2.77% of the total supply, and the tokens are worth $103 million. As of now, 53% of AVAX tokens unlocked, and there 340.20 million tokens yet to released.
At the time of writing, Avalanche has been trading at $10.63, with a decline of over 1.66% in the last 24 hours. However, the daily trading volume of AVAX has experienced an increase of 13.72%, according to CoinMarketCap. Moreover, the upcoming unlock expected to reflect on the trading price as the huge number of tokens adds to the circulating supply.
Will this massive unlock have an impact on AVAX’s trading price? Tweet to us at @The_NewsCrypto and let us know your thoughts.