AVAX Price Bucks Under The Pressure Of Upcoming $102 Million Token Unlock
2023年8月22日 - 9:00AM
NEWSBTC
While most altcoins are looking toward a recovery from the recent
market crash, the AVAX price seems to be gearing up for the
opposite. The reason behind this is the massive token unlock that
is set to occur this week, which will undoubtedly place more sell
pressure on the already struggling price of the digital asset. $102
Million In AVAX Set To Be Unlocked The Avalanche network, like a
lot of others, has locked a portion of its total token supply to be
released into circulation on a periodic basis. Given that these
unlock events can put bearish pressure on a token, they can often
be a signal to exit. Related Reading: Bitcoin Liquidations Top $500
Million Amid $1 Billion Crypto Decimation For AVAX, the next token
unlock event is set to take place on August 26, five days from now.
But the most interesting thing about this event is the number of
tokens set to be brought into circulation. According to the token
tracking website Token Unlocks, a total of 9.54 million tokens are
set to be unlocked on Saturday. This accounts for 2.77% of the
total circulating supply of the asset, worth $102.29 million at
current prices. 2.77% of token supply set to be unlocked | Source:
Token Unlocks The website also shows that the unlocked tokens are
being distributed in four allocations. These include 1.13 million
tokens ($12.06 million) for airdrop, 1.67 million tokens (17.87
million) for Foundation, 2.25 million tokens ($24.12 million) for
strategic partners, and 4.5 million tokens ($48.24 million) for the
team. With this unlock, over 55% of the total token supply will be
unlocked, leaving less than 45% of the supply locked. And as these
9.54 million tokens make their way to the market, it could be very
bad for investors. Will AVAX Price Be Impacted? Given the
allocation of the $102 million in tokens set to be unlocked, it is
likely that a large chunk of it is going to hit the open market. As
a result of such a large amount of selling, the AVAX price will
certainly be impacted, making an already bad situation worse. This
will likely see the price of the digital asset fall below $10 for
the first time since July 2021. Trading in the single-digit will
see AVAX holders plunged further into losses, even though the vast
majority are already sitting in the red, according to data from
IntoTheBlock. Related Reading: Why Is Dogecoin Price Down Today?
AVAX’s indicators are also incredibly bearish at this point with
the price sitting below the 100-day and 200-day simple moving
averages. This rules out a recovery for the digital asset in the
short term, especially with the unlock event coming up. At the time
of writing, the AVAX price is sitting tentatively at $10.56, down
13.15% in the last week. Avalanche price crashes to $10.5 | Source:
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Avalanche (COIN:AVAXUSD)
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