Avalanche, the cryptocurrency platform that utilizes smart contracts to support various blockchain projects, is set to unlock 9.54 million AVAX coins this Saturday, August 26. This development could have a significant impact on market liquidity and trading volume, potentially leading to a decline in the token’s price. The unlocked assets are valued at approximately $99 million and represent around 2.8% of AVAX’s circulating supply.
According to data from Token Unlocks, Avalanche plans to increase its circulating supply by 24.5% over the next year, with more than 50% of AVAX’s total supply still locked at the moment. It’s important to note that introducing more assets into circulation can reduce their scarcity, potentially causing a short-term drop in price. In May, Avalanche unlocked a similar amount of tokens, which initially led to a slight price decline before trending upwards in the following days.
The price of AVAX has experienced significant fluctuations recently. While it traded above $12 throughout July, it suffered a notable decline in mid-August during the crypto market crash that affected various digital currencies. Currently valued at $10.20, AVAX has seen a 50% decline compared to its levels at the end of January.
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