Unlocking Tokens Worth Almost $1 Billion in August
Date: 2024-07-30 Author: Gabriel Deangelo Categories: CRYPTO PAYMENTS
In August 2024, tokens worth almost $1 billion will hit the cryptocurrency market. This event may have a significant impact on the digital asset market. The tokens expected to be unlocked include such well-known projects as SUI, Wormhole (W), Aptos (APT), Arbitrum (ARB), and Avalanche (AVAX).
List of Largest Token Unlocks
According to Token Unlocks, the largest token unlocks in August included the following projects:
- August 1: 64.19 million SUI worth $49.99 million
- August 1: 53.89 million ZETA worth $34.58 million
- August 3: 600 million W worth $180.48 million
- August 9: 32.47 million IMX worth $48.71 million
- August 12: 11.31 million APT worth $80.75 million
- August 14: 205.59 million SAND worth $69.58 million
- August 15: 64 million STRK worth $34.4 million
- August 16: 92.65 million ARB worth $66.94 million
- August 20: 9.64 million AVAX for $268.6 million
Almost half of the total amount of tokens to be unlocked comes from the two largest projects, Wormhole (W) and Avalanche (AVAX). These projects make up a significant portion of the expected unlock, which could significantly impact their market price and overall market dynamics.
Market Impact and Current Token Dynamics
SUI
SUI, a significant volume of which will hit the market on August 1, showed a slight increase of 3.6% on the daily chart. However, on the weekly chart, the token has fallen by 9.5%. These data indicate possible fluctuations in the token value after its unlock.
Wormhole (W)
Wormhole is also trading with a slight increase on the daily chart. However, on the weekly chart, there is a significant decrease of almost 20%. This may be due to the expectation of a large volume of tokens to be unlocked, which is causing concern among investors.
Aptos (APT)
APT has shown a gain of over 2% on the daily chart, but on the weekly chart there is a drawdown of 6.5%. This token may also face volatility after the unlock.
Sandbox (SAND)
SAND has managed to fully recover its positions despite a small drawdown last week. The asset price curve shows an upward trend, which may indicate positive dynamics after the unlock.
Arbitrum (ARB)
ARB traded sideways from July 26 to July 29, without a pronounced upward or downward movement. This stability may change after a significant volume of tokens enters the market.
Avalanche (AVAX)
The situation with AVAX looks similar. The token price is in a sideways trend with minor fluctuations, which may indicate upcoming changes after the unlock.
August 2024 will be an important month for the crypto asset market, as the unlocking of almost $1 billion worth of tokens could cause significant price movements. Investors and analysts will be closely monitoring these events to understand how they will affect the market in the short and long term.
