XRP News Today: Ripple-Led $1.5 Billion Token Flood to Hit Market in August
August is set to be a significant month for the cryptocurrency market, with nearly $1.5 billion worth of tokens being unlocked. Leading the charge is Ripple, which will release 1 billion XRP tokens valued at $609 million on August 1. This move is part of Ripple’s ongoing strategy since 2017, where it systematically releases tokens from two main wallets, Ripple (24) and Ripple (25), on the first day of each month.
A recent report from Token Unlocks, a platform closely monitoring token releases, revealed that August is witnessing substantial unlocking events for major tokens like SUI, dYdX, Avalanche, Wormhole, and more.
Keep reading to discover more about these crypto titans who are about to make waves in the market.
Ripple Leads, but Others Follow
Joining Ripple in the significant token releases are Avalanche and Wormhole, which together will add $449 million worth of tokens to the market. On August 3, Wormhole will release 600 million W tokens, representing 33.3% of its circulating supply and valued at $180.5 million.
Later in the month, on August 20, Avalanche will unlock 9.4 million AVAX tokens worth $268 million, accounting for 2.4% of its circulating supply.
Early August Unlocks: What to Look For
The first day of August will see substantial token releases from several projects. Sui will release 64 million tokens valued at $50 million, dYdX will unlock 8.33 million tokens worth nearly $11 million, and ZetaChain will add 53.9 million tokens valued at around $34.5 million to the market.
Other significant unlocks throughout August include ImmutableX on August 9, releasing 32.5 million tokens valued at $49 million; Aptos on August 12, releasing $80 million worth of APT tokens; and The Sandbox on August 14, releasing $69 million worth of SAND tokens.
Ethereum Layer-2 Networks Join In
Ethereum layer-2 networks Starknet and Arbitrum are also contributing to this wave of token unlocks. On August 15, Starknet will unlock 64 million tokens valued at $35 million, and Arbitrum will release 92.6 million tokens worth $67 million on August 16.
Investors, Hold Steady!
This surge of token unlocks is set to significantly impact the market, introducing a substantial amount of liquidity and potential trading activity. As market dynamics evolve, investors and analysts alike are keen to see how these releases will affect prices and investor sentiment throughout August.
The stage is set for an exciting month in the crypto world. Are you ready for the ride?
This article was originally published by a coinpedia.org . Read the Original article here. .
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