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Over $900,000,000 in Altcoin Tokens Unlocked to Hit Crypto Markets in August: Report
According to the latest data, nearly $1 billion in unlocked tokens will hit the cryptocurrency markets in August.
Citing data from Token UnlocksBlockchain journalist Colin Wu relationships that over $900 million in unlocks will be ready to be released next month.
Some of the larger unlocks include those from decentralized exchanges (DEXs) dYdXlayer one blockchain Onand Ethereum (ETH) level-2 Arbitrum (ARB).
The largest token release in the next seven days is from cross-chain interoperability protocol Wormhole, which will release $154 million in L’ tokens representing 33% of the supply.
Analytics firm IntoTheBlock recently reported that projects like Sam Altman’s “proof-of-person” Worldcoin project (Accidental damage), decentralized finance (DeFi) platform Stargate Finance (SVG) and layer 2 blockchain Mantle (MNT) have daily token unlocks that represent relatively high percentages of their market cap, according to company data.
The company noted that the price performance of WLD, STG, and MNT could be affected by the amount of new tokens issued each day.
“This chart shows the daily linear unlocks for major assets
Every day, $24.9 million in BTC is unlocked, although the impact on market capitalization is minimal.
Stargate, Worldcoin, and Mantle have significant breakouts relative to market cap, which poses potential market cap dilution risks.”
Source: IntoTheBlock
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