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- Avalanche is set to unlock 9.54 million tokens on August 26.
- 53% of the total supply of AVAX has already been released.
Avalanche (AVAX), a blockchain platform for smart contracts, is poised to make a notable impact in the cryptocurrency market. The native token of the Avalanche blockchain, AVAX, is slated for its upcoming token unlock this week, which will enhance the number of tokens accessible in the market.
According to Token Unlocks, the token analytics platform, Avalanche will release 9.54 million tokens on August 26 this week. This unlock represents 2.77% of the total supply, with the tokens valued at $103 million at the time of this report. The release includes 2.25 million AVAX tokens designated for strategic partners, 1.67 million for foundations, 4.5 million for teams, and 1.13 million for airdrops.
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Token Unlocks pertains to the distribution of a specific quantity of assets that were previously locked or restricted from the circulating supply within the cryptocurrency market. During this period, the tokens cannot be traded or liquidated. This can have a considerable effect on market liquidity. The limitation on tokens signifies a crucial phase for the growth and ecosystem expansion of Avalanche, as the release of tokens will be instrumental in fostering the platform’s development and innovation.
Avalanche (AVAX) Previously Conducted a Similar Unlock
As reported by Token Unlocks, Avalanche previously executed a similar unlock of 9.54 million AVAX on May 28. This unlock also accounts for 2.77% of the total supply, with the tokens valued at $103 million. Currently, 53% of AVAX tokens have been unlocked, with 340.20 million tokens remaining to be released.
At the time of this report, Avalanche is trading at $10.63, reflecting a decrease of over 1.66% in the past 24 hours. However, the daily trading volume of AVAX has seen an increase of 13.72%, as per CoinMarketCap. Furthermore, the forthcoming unlock is anticipated to influence the trading price as the substantial number of tokens contributes to the circulating supply.
Will this significant unlock affect AVAX’s trading price? Share your thoughts with us on Twitter at @The_NewsCrypto.
