{"id":548219,"date":"2023-08-22T00:00:46","date_gmt":"2023-08-22T00:00:46","guid":{"rendered":"https:\/\/wncen.com\/?p=548219"},"modified":"2024-06-11T14:39:45","modified_gmt":"2024-06-11T14:39:45","slug":"avax-price-bucks-under-the-pressure-of-upcoming-102-million-token-unlock","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/avax-price-bucks-under-the-pressure-of-upcoming-102-million-token-unlock\/","title":{"rendered":"AVAX Price Bucks Under The Pressure Of Upcoming $102 Million Token Unlock"},"content":{"rendered":"

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.<\/p>\n

$102 Million In AVAX Set To Be Unlocked<\/h2>\n

The Avalanche network<\/a>, 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.<\/p>\n

Related Reading: Bitcoin Liquidations Top $500 Million Amid $1 Billion Crypto Decimation<\/a><\/div>\n

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>, 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.<\/p>\n

\"AVAX<\/p>\n

2.77% of token supply set to be unlocked | Source: Token Unlocks<\/pre>\n
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<\/a>, 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.<\/p>\n
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.<\/p>\n
Will AVAX Price Be Impacted?<\/h2>\n
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<\/a>.<\/p>\n
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<\/a>.<\/p>\n
Related Reading: Why Is Dogecoin Price Down Today?<\/a><\/div>\n
AVAX\u2019s indicators are also incredibly bearish at this point with the price sitting below the 100-day and 200-day simple moving averages<\/a>. This rules out a recovery for the digital asset in the short term, especially with the unlock event coming up.<\/p>\n
At the time of writing, the AVAX price is sitting tentatively at $10.56, down 13.15% in the last week.<\/p>\n
\"AVAX<\/p>\n
Avalanche price crashes to $10.5 | Source: AVAXUSD on Tradingview.com<\/a><\/pre>\n
Follow Best Owie on Twitter<\/a> for market insights, updates, and the occasional funny tweet\u2026 Featured image from FXLeaders, chart from TradingView.com<\/div>\n","protected":false},"excerpt":{"rendered":"
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\u2019s 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: AVAXUSD on Tradingview.com Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet\u2026 Featured image from FXLeaders, chart from TradingView.com<\/p>\n","protected":false},"author":541,"featured_media":548232,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[9885,83347,89169,86413,89170,86511,83609,87308],"class_list":["post-548219","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-avalanche","tag-avax","tag-avax-news","tag-avax-price","tag-avax-token","tag-avaxusd","tag-avaxusdt","tag-token-unlock"],"acf":[],"yoast_head":"\nAVAX Price Bucks Under The Pressure Of Upcoming $102 Million Token Unlock<\/title>\n<meta name=\"description\" content=\"While most altcoins are looking toward a 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This has seen Best dive into topics in areas such as decentralized finance (DeFi), non-fungible tokens (NFTs), Layer 2 blockchains, etc. In addition to this, Best is a vocal member of the crypto community across various social media platforms such as X and Reddit. Best\u2019s work garners tens of thousands of readers monthly, who rely on the information in these publications to keep up-to-date with everything happening in the crypto community. Best\u2019s articles explore breaking news, intricate systems such as yield farming, liquidity pools, and other decentralized finance (DeFi) systems. This is because Best understands the importance of information to gaining financial freedom and believes that everyone should have access to this information. Best also believes in leveraging the blockchain for philanthropy to create the most positive social impact. This involves work with charitable organizations focused on financial literacy and education. With each article, Best lends a voice to important issues such as a more financially inclusive future, transparent systems for growth and development, and technology that is not self-serving but one that serves all of humanity. When not curating engaging content, Best can be found reading a book with a cup of hot chocolate, enjoying a Netflix series, or exploring the outdoors with Green - the world\u2019s most quiet and well-behaved Husky. Best\u2019s interests also span other industries such as art, finance, and security, attending seminars and conferences in not just the crypto industry but other industries as well. As an animal lover, Best is also involved with charities for animals, local shelters, and rescues. Best is also involved in local events that promote inclusivity, such as being a prominent member of hiking clubs and a cycling club, as well as being a part of a very happy group of animal lovers. Best is a true professional in every sense of the word, with an exceptional dedication to producing high-quality work. This shines through in Best's work on and off the clock. These include advocating for inclusive crypto education for all, the impact of financial illiteracy, and the benefits of adopting new technologies such as cryptocurrencies. Best\u2019s prolific career in the media industry is a testament of how hard work and dedication pays.","sameAs":["https:\/\/www.linkedin.com\/in\/best-owie-41a150178\/","https:\/\/x.com\/https:\/\/twitter.com\/BestOwie"],"url":"https:\/\/wncen.com\/author\/owiebest\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"AVAX Price Bucks Under The Pressure Of Upcoming $102 Million Token Unlock","url":"http:\/\/wncen.com\/news\/avax-price-bucks-under-the-pressure-of-upcoming-102-million-token-unlock\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/avax-price-bucks-under-the-pressure-of-upcoming-102-million-token-unlock\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/08\/AVAX-price.png?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/08\/AVAX-price.png?fit=852%2C485"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Best Owie"}],"creator":["Best Owie"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["avalanche","avax","avax news","avax price","avax token","avaxusd","avaxusdt","token unlock"],"dateCreated":"2023-08-22T00:00:46Z","datePublished":"2023-08-22T00:00:46Z","dateModified":"2024-06-11T14:39:45Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"AVAX Price Bucks Under The Pressure Of Upcoming $102 Million Token Unlock\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/avax-price-bucks-under-the-pressure-of-upcoming-102-million-token-unlock\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/avax-price-bucks-under-the-pressure-of-upcoming-102-million-token-unlock\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/08\\\/AVAX-price.png?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/08\\\/AVAX-price.png?fit=852%2C485\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Best Owie\"}],\"creator\":[\"Best Owie\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"avalanche\",\"avax\",\"avax news\",\"avax price\",\"avax token\",\"avaxusd\",\"avaxusdt\",\"token unlock\"],\"dateCreated\":\"2023-08-22T00:00:46Z\",\"datePublished\":\"2023-08-22T00:00:46Z\",\"dateModified\":\"2024-06-11T14:39:45Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/08\/AVAX-price.png?fit=852%2C485","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/548219"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/541"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=548219"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/548219\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/548232"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=548219"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=548219"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=548219"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}