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In August 2024, a serious move in the crypto market needed to be prepared for. At the time, approximately $1.5 billion worth of token unlocks were expected to occur, bringing both opportunities and risks.
The biggest event of the month was definitely AVAX lock-up release dates listed on the 2024 calendar. On August 20, Avalanche was scheduled to release 9.54 million tokens worth $251 million into circulation. The distribution was divided among the team, the foundation, strategic partners, and airdrops. In particular, the $118 million portion allocated to the team could put pressure on the market.
However, Avalanche was not the only one. In the same month, Wormhole (W) would unlock 600 million tokens worth $151 million on August 3; this was more than one-third of its circulating supply. Aptos (APT) planned to unlock $76 million on August 12. The Sandbox (SAND) would carry out a $66 million unlock on August 14, and Arbitrum (ARB) would perform a $65 million unlock on August 16.
In addition to these events, projects such as Sui (SUI), dYdX (DYDX), ZetaChain (ZETA), and ImmutableX (IMX) also had significant unlocks throughout August. Total supply pressure was expected to increase substantially.
As a result, at the time it was necessary to closely track these unlocks and be prepared for market volatility. Investors needed to consider how events like these could affect prices and manage their positions accordingly.