News
Ripple-Led $1.5 Billion Token Flood to Hit Market in August
August is set to be a significant month for the cryptocurrency market, with nearly $1.5 billion worth of tokens unlocked. Leading the charge is Ripple, which will release 1 billion XRP tokens worth $609 million on August 1. This move is part of Ripple’s ongoing strategy since 2017, where it has consistently release tokens from two main wallets, Ripple (24) and Ripple (25), on the first day of each month.
A recent one relationship From Token Unlocks, a platform that closely monitors token releases, revealed that August is seeing notable unlock events for major tokens such as SUI, dYdX, Avalanche, Wormhole, and more.
Read on to learn more about these cryptocurrency titans that are about to make waves in the market.
The wave leads, but others follow
Avalanche and Wormhole join Ripple in significant token releases, which together will add $449 million worth of tokens to the market. On August 3, Wormhole will release 600 million W tokens, representing 33.3% of its circulating supply and valued at $180.5 million.
Later this month, on August 20, Avalanche will unlock 9.4 million AVAX tokens worth $268 million, or 2.4% of its circulating supply.
Early August Unlocks: What to Look For
The first day of August will see substantial token releases from several projects. Sui will release 64 million tokens worth $50 million, dYdX will unlock 8.33 million tokens worth nearly $11 million, and ZetaChain will add 53.9 million tokens worth about $34.5 million to the market.
Other significant unlocks during August include ImmutableX on August 9, which released 32.5 million tokens worth $49 million; Aptos on August 12, which released $80 million worth of APT tokens; and The Sandbox on August 14, which released $69 million worth of SAND tokens.
Ethereum Layer-2 Networks Merge
Ethereum’s layer-2 networks Starknet and Arbitrum are also contributing to this wave of token unlocks. On August 15, Starknet will unlock 64 million tokens worth $35 million, and Arbitrum will release 92.6 million tokens worth $67 million on August 16.
Investors, hold on tight!
This wave of token unlocks is set to have a significant impact on the market, introducing a substantial amount of liquidity and potential trading activity. As market dynamics evolve, investors and analysts are eager to see how these releases will impact prices and investor sentiment throughout August.
The stage is set for an exciting month in the crypto world. Are you ready for the ride?