The cryptocurrency market is no stranger to volatility, and token unlocks can significantly affect price fluctuations. As Avalanche (AVAX) gears up to release a staggering $100 million worth of tokens, holders are reminded of the last unlock event that saw the price plummet by over 30%. With other significant token unlocks also on the horizon, it’s a crucial time for investors to stay informed and vigilant.
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Avalanche’s Upcoming Token Unlock: What You Need to Know
Avalanche, one of the prominent blockchain platforms, has announced its intention to unlock 9.54 million AVAX tokens. This move will introduce a potential selling pressure of $100 million. For holders and potential investors, this is a significant event to monitor, especially considering the historical impact of such unlocks on the AVAX price.
In May, Avalanche underwent a similar token unlock, which profoundly affected its market dynamics. Following the release, the price of AVAX witnessed a sharp decline, dropping by over 30%. However, it’s worth noting that the cryptocurrency demonstrated resilience, bouncing back from the $10.44 support range. This recovery offers a glimmer of hope for current holders, suggesting that while initial reactions to token unlocks can be severe, the long-term outlook might still be positive.
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Show more +Other Notable Token Unlocks This Week
Avalanche isn’t the only cryptocurrency undergoing significant token releases this week. Other notable unlocks include:
Space ID (ID): A rising star in the crypto space, Space ID is set to unlock many tokens, contributing to the overall market dynamics.
Yield Guild Games (YGG): As one of the pioneers in the play-to-earn gaming sector, YGG’s token release is keenly anticipated by many in the industry.
Lido DAO (LDO): Lido DAO, a decentralized finance (DeFi) platform, is also on the list of significant token unlocks this week.
Collectively, these unlocks will introduce over $120 million into the market, potentially influencing price movements across the board.
The current market status of Avalanche (AVAX) reveals a live price of $10.21 with a 24-hour trading volume of $84,296,357. The cryptocurrency has seen a 1.91% increase in the last 24 hours and holds a market cap of $3,608,802,393, ranking it 19th on CoinMarketCap. With a circulating supply of 353,443,525 AVAX coins and a max supply of 720,000,000 AVAX coins, investors should keep a close eye on this asset, especially in light of the upcoming token unlock.
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