• Avalanche [AVAX] is preparing for an upcoming token unlock event on 26 August, where 9.54 million AVAX tokens will be released into circulation.
• Despite this, the market capitalization of AVAX has seen a decrease of nearly $1 billion in August alone, likely due to a continuous decline in the token’s price throughout the month.
• The current trading value of AVAX hovers around $10.5, with the token experiencing an almost 3% decrease as of this writing.
Avalanche Prepares for Token Unlock
Avalanche [AVAX] is readying itself for a significant unlock event later this week on August 26th. This event will result in 9.54 million AVAX tokens being released into circulation and allocated among Foundation members, partners and team members, with a portion also designated for airdrops.
Market Cap Declines
Despite the imminent unlock event, Avalance’s market capitalization has seen a decline of nearly $1 billion during August alone. According to CoinMarketCap , Avalanche’s circulating supply was more than 344 million tokens at the time of writing, with its market capitalization surpassing $3.6 billion USD. Meanwhile, TradingView reveals that the token has experienced an almost 3% decrease in value and currently trades around $10.5 USD per AVAX token.
Unlock Details
Information collected from Token Unlocks shows that 53% of Avalanche’s maximum supply has been unlocked so far, with 2.77% set to be released after Thursday’s unlock event – worth over $100 million USD at current prices . The unlocks will be divided among Foundation members, partners and team members – as well as used for airdrops – giving holders further incentive to HODL their positions even during bearish markets .
Price Challenges Ahead
As it stands currently , Avalanche continues to face challenges in terms of pricing volatility as well as its overall market cap . However , despite these issues , holders are still optimistic about future prospects due to the potential impact of Thursday’s upcoming unlock event .
Conclusion
Overall , while Avalanche faces some price challenges ahead , holders remain hopeful about future prospects and are looking forward to Thursday’s upcoming unlock event which could have significant implications on both price and overall market cap .
