The cryptocurrency market is bracing for a significant influx of tokens in August 2024, with total unlocks expected to reach nearly $1.5 billion. This surge in token availability could potentially impact market dynamics and individual token prices across various projects.
Leading the charge is Ripple’s XRP, with a planned release of 1 billion tokens valued at approximately $609 million on August 1. This release is part of Ripple’s long-standing practice of unlocking up to 1 billion XRP tokens at the beginning of each month since 2017. However, it’s important to note that Ripple often re-locks a significant portion of these tokens, as evidenced by their June 1 unlock where 800 million XRP were re-locked.
Following XRP, other major unlocks in August include those from Avalanche and Wormhole. Avalanche is set to unlock 9.4 million AVAX tokens worth about $268 million on August 20, while Wormhole will release 600 million W tokens valued at $180.5 million on August 3. These unlocks represent 2.4% and 33.3% of their respective circulating supplies.
The month will also see token unlocks from various other projects, including Sui, dYdX, ZetaChain, ImmutableX, Aptos, The Sandbox, Starknet, and Arbitrum. These releases range from $11 million to $80 million in value, affecting different proportions of each token’s circulating supply. As the crypto market continues to evolve, these token unlocks will be closely watched by investors and analysts for their potential impact on token prices and overall market sentiment.
