beincrypto.com
Around 30 projects’ token unlocks are scheduled in August, adding a potential selling pressure of around $495 million.
The price of investment assets depends on supply and demand. If the proportion of supply increases and demand remains the same or decreases, the price plummets. In contrast, the price shoots up if demand increases and supply remains the same or decreases.
During token unlocks, there is an introduction of fresh supply. However, the demand might not necessarily go up. Hence, in general cases, there is a negative impact on price.
$143 Million Worth of Sandbox Tokens (SAND) Unlock in August
As per data compiled by BeInCrypto from TokenUnlocks, over 300 million SAND tokens will enter into circulation in August.
On August 14, the project will release 332.55 million SAND worth $142.45 million into circulation. This token unlock consists of 17.19% of the circulating supply.
The Sandbox wants to allocate the upcoming unlocking as follows:
- 71.25 million tokens worth $30.52 million for the team.
- 37.50 million tokens worth $16.06 million for the advisors.
- 96.84 million tokens worth $41.48 million for company reserves.
- 24 million tokens worth $10.28 million for strategic sales.
- 102.96 million tokens worth $44.10 million for seed sales.
A community member called the upcoming SAND token unlock “absolutely insane.”
Avalanche (AVAX) Would Unlock Supply For Airdrop Winners And Others
On August 26, Avalanche will unlock an additional 2.76% of tokens worth $124.33 million. The company will release 9.54 million tokens for the following beneficiaries:
Learn more about the best upcoming airdrops of 2023 here.
- 2.25 million tokens worth $29.32 million for strategic partners
- 1.67 million tokens worth $21.72 million for the Avalanche Foundation.
- 4.50 million tokens worth $58.64 million for the team, and
- 1.13 million tokens worth $14.66 million for airdrop winners.
Additionally, other projects will also release millions into circulating supply. Some of them are as follows:
- $40 million Optimism (OP) unlock on August 30
- $32 million Aptos (APT) unlock on August 12
- $29 million ApeCoin (APE) unlock on August 17
And dYdX’s $13.30 million unlock is due on Aug. 1. The unlock consists of 3.81% of the circulating supply. However, there is not much impact on the price of the token. As of writing, it is down by 2.11% in the past 24 hours.
