Major token unlockings are scheduled for the upcoming week with $213 million in digital assets set to hit the market. This news has sparked concern among investors in these cryptocurrencies, as token unlocking events are often linked to selling pressure. Notably, the biggest ecosystem to release tokens in the market is Avalanche (AVAX), a layer one blockchain that seeks to dethrone Ethereum.
In a post on social media platform X (formerly Twitter), Token Unlocks confirmed that along with AVAX, other ecosystems to release coins into the market include Pixels (PIXEL), Space ID (ID), 1Inch (1INCH), Galaxy (GAL), Acala Token (ACA), Forta (FORT), and Ethena (ENA). These altcoins may experience increased volatility in the short term.
As per the data, AVAX will unlock tokens worth a whopping $192.74 million or 9.52 million AVAX tokens, which amounts to 2.41% of the circulating supply of the altcoin. As per CoinMarketCap data, the token is currently trading at a price tag of $20.59, down 6% in the past week. A whopping 63.07% supply of the token has been unlocked.
A total of 54.37 million PIXEL tokens worth $7.26 million will also be unlocked forming 7.05% of the altcoin circulating supply. However, only 20.86% of the total supply has been unlocked until now. Further, $6.6 million or 18.49 million ID tokens will also be unlocked. These coins form 4.29% of the ID circulating supply.
INCH will unlock $67.64K worth of tokens into the market. However, these tokens represent only 0.2% of the total circulating supply and the INCH token unlocking is 85.72% complete. $1.31 million worth GAL, $4.46 million in ENA will be unlocked with another $933.33K in GAL to follow up in the same week.
ACA and FORT will unlock $239.79K and $5.85K tokens respectively which represent 0.46% and 0.01% of their respective circulating supplies.
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