Over August, nearly $1.5 billion worth of tokens will be unlocked in the crypto market.
Ripple's XRP will release the largest with $609 million worth of tokens, but a huge portion might be relocked.
Other Major Players include Wormhole, Avalanche, SUI, and dYdX.
The token unlocks might cause a wave of short-term market volatility.
Ultimately, keeping track of these unlocks can help to better navigate incoming market fluctuations.
August is set to be a big one for the crypto industry, especially since nearly 1.5 billion worth of token unlocks are set to happen within the month.
Some of the major projects involved in this incoming flood of tokens include XRP, Avalanche, and Wormhole, and here are some of the biggest details to keep in mind as August approaches.
Ripple's XRP is by far the largest incoming token unlock, and it plans to release a staggering 1 billion tokens on 1 August.
This token flood will be worth a collective $609 million at current prices. It is the latest in a long line of Ripple token unlocks since 2017 when the company released a set amount of tokens on the first day of each month via several escrow wallets.
Interestingly, while this 1 billion XRP unlock is notable, Ripple usually re-locks a huge portion for the next month, like what we saw in June when the company re-escrowed 800 million out of the 1 billion unlocked.
However, it sold around 300 million tokens worth $182 million—which is still highly significant.
XRP isn’t the only major project gearing up to unlock tokens.
We also have others including Wormhole, Avalanche SUI and dYdX, with more than $700 million of tokens to be unlocked.
For example, Wormhole is set to release around 33.3% of its total supply, which is about 600 million $W tokens.
These tokens, collectively, have a total market value of $180.5 million, and comes after the project’s highly anticipated airdrop from April.
Next up, Avalanche comes in with the release of 2.4% of its circulating supply on 20 August. The project is set to unlock 9.4 million AVAX tokens, all of which have a total value of $268 million.
XRP, Wormhole, and Avalanche are the largest token unlocks for August. However, a few smaller ones are also scheduled for the entire month, as outlined below:
In addition to the “big three,” we have unlocks from projects like the SUI network, which is set to release 2.56% of its circulating supply, or about 64 million tokens worth $50 million.
We have an $11 million release from dYdX, which is set to release 8.33 million tokens, or around 3.65% of its circulating supply, to its investors, founders and staff, and future employees.
ZetaChain comes in next, with a $34.5 Million Release or 18.9% of its circulating supply, which is about 53.9 million tokens after its launch in February of this year.
Others are coming later in the month, like ImmutableX, which is set to release $49 million on 9 August, with 32.5 million IMX tokens (2.11% of its circulating supply) hitting the market.
Aptos, interestingly, is a rival to Sui and is set to release $80 million APT tokens on 12 August.
On the other hand, The Sandbox also plans a $69 million $SAND unlock on 14 August.
This already makes around $1.2 billion worth of tokens to be released into the market throughout August.
Next up, Starknet is also set to release 64 million tokens worth $35 million on 15 August, a day before Arbitrum releases 92.6 million tokens valued at $67 million.
Overall, while these releases might cause short-term volatility, the long-term impact depends more on how the market reacts afterward and the general sentiment across the industry.
Keeping these token unlocks in mind is a good way to stay informed and avoid possible market volatility spikes.
Disclaimer: Voice of Crypto aims to deliver accurate and up-to-date information but will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.