While July was marked by several token unlocks, this trend is expected to continue in August. Several such events are expected this month, and this could well have significant impacts on the prices of the cryptocurrencies concerned.
Token unlocks to be expected in August: over $800 million released
August will see a number of token releases scheduled, which could impact the price of the cryptocurrencies in question. Some to watch include Avalanche (AVAX) and Wormhole (W). Both are planning to release over $100 million worth of their respective tokens in the coming weeks, if not days.
👉 To learn more – What is a token unlock?
According to data from Token unlocks, here are the main token releases to watch for the month of August:
Token unlocks planned for August 2024
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Wormhole (W)
- Quantity : 600 million W tokens;
- Value (30/07) : $170.70 million;
- Quantity released relative to circulating supply : 33.33%
Launched on April 3rd via an airdropthe W stands as the governance token of the Wormhole cross-chain bridge. In all, 1.8 billion tokens were distributed during the Token Generation Event (TGE) April 3, 2024, marking a significant milestone in the development and adoption of Wormhole.
Note that since its launch, 1.73 million W tokens are released every day in a linear unlocking processThus, since the beginning of April, nearly 204.11 million additional W tokens have been unlocked for an amount of approximately $54 million.
On August 3rd, it will not be no less than 600 million additional tokens that will arrive on the market. This event could have a significant impact on the price of Wcurrently at $0.267, as the unlock will free up about a third of the circulating supply.
👉 What is Wormhole (W)? Everything you need to know about this communication protocol between blockchains
Aptos (APT)
- Quantity : 11.31 million APT tokens;
- Value (30/07) : $77.47 million;
- Quantity released relative to circulating supply : 2.41%.
In July, Aptos, the layer 1 blockchain based on the Move programming language, had experienced a similarly large unlock. While the APT token price struggled to break through the $6 mark, The July 12 unlock allowed him to earn about a dollar in 3 weeks. On several occasions, the value of the token has even exceeded the $7 mark at times.
Today, APT is stabilizing at around $6.85. The new unlocking scheduled for August 12, just one month after the previous one, suggests an opposite trend. Indeed, the unlock should logically dilute the supply, modestly lowering the value of APT, which should not cross the $7 mark.
11.3 million APT tokens will be released worth over $77 million, or 2.41% of its circulating supply.
👉 Check out our guide to easily buy Aptos APT token
The Sandbox (SAND)
- Quantity : 205.59 million SAND tokens;
- Value (30/07) : $67.52 million;
- Quantity released relative to circulating supply : 9%.
The Sandbox, a play-to-earn metaverse where everything is tokenized, is built around 5 tokens, including SAND, the main token of this virtual universe. The upcoming unlocking of the SAND token, which represents 9% of the total supply in circulation, could well have a significant impact on its value.
👉 Our guide to getting The Sandbox's SAND token in a few steps
While in March, the course of SAND was at its highest, reaching $0.79, the disputes from Consensys with the Securities Exchange Commission have been undermining the token. Indeed, the SEC has been arguing for months that a large number of transactions involving unregistered securities such as The Sandbox's SAND require registration with the SEC in order to be traded.
Due to this affair, the value of SAND has been significantly devalued, now hovering around $0.33. The release, scheduled for August 14, will undoubtedly have an impact on the SAND price in the second half of August, diluting the existing supply.
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Arbitration (ARB)
- Quantity : 92.65 million ARB tokens;
- Value (30/07) : $66.07 million;
- Quantity released relative to circulating supply : 2.77%.
After 92 million ARB tokens were unlocked on June 16, Arbitrum is following its schedule to the letter. Layer 2 built on the Ethereum blockchain planned to release a similar amount of ARB tokens on August 16, worth approximately $66 million.
The previous increase in token supply caused downward pressure on the price of ARB. It is quite possible that the phenomenon will continue, as more tokens will be available for sale.This will result in further price dilution, potentially pushing the value of ARB below $0.70.
👉 Arbitrum (ARB): the protocol that greatly improves the capabilities of the Ethereum (ETH) blockchain
Avalanche (AVAX)
- Quantity : 9.54 million AVAX tokens;
- Value (30/07) : $261.54 million;
- Quantity released relative to circulating supply : 2.42%.
We end with the most substantial release planned for August. Indeed, No less than 9.5 million AVAX tokens will be releasedmeaning that the total estimated value of these tokens is $274 million. However, this only represents 2.42% of the currently circulating supply.
This unlock, which will be effective on August 20, three months after that of May, is part of a context where the AVAX course is in sharp decline. Since March, when the token price exceeded the $60 mark, This has gradually fallen, now hovering around $27, a drop of 55%..
👉 Find out how to buy Avalanche AVAX
In addition to these 5 major unlocks, other token unlocks are to be watched very closely during the month of August:
- On July 31, no less than 31 million OP tokens were unlocked, worth $53.28 million.. This will likely impact the price of this token throughout August;
- The day after, THE August 1st, over 64 million SUI will be unlocked for $48.11 million ;
- Layer 2 Immutable X to release 32.47 million tokens on August 9th worth just under $47 million according to the current course of the IMX;
- Finally, Starknet to unlock 64 million STRK tokens on August 15, worth around $37 million. Layer 2 attached to Ethereum does not change its strategy and continues to release the same amount of tokens each month.
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Source : Token Unlocks
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Surprised by the rise of crypto-assets in the late 2010s, I started to closely follow this sector that fascinates me to the highest degree. When I am not in football stadiums, rugby or handball halls, I work on writing relevant articles about cryptocurrencies and more broadly, Web3.
Zacharie Tazrout
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