Avalanche price faces selling pressure from $213 million AVAX unlock
Avalanche (AVAX) Layer 1 blockchain token is down 2% on the day. ...
- Avalanche is set to unlock 9.54 million AVAX tokens on Friday, increasing the circulating supply by nearly 3%.
- The AVAX token unlock event is causing the price of Avalanche to drop by 2% as market participants anticipate the selling pressure.
- The unlocked tokens will be distributed to Strategic Partners, Founders, Team, and airdropped to the community.
- The largest volume of tokens, 4.5 million AVAX worth $100.62 million, is allocated for the team.
- A similar token unlock event in the past resulted in a 7% decline in AVAX price.
- AVAX price recently reached a three-month peak of $24 but dropped to $22.47 over the weekend.
- The upcoming token unlock is expected to increase AVAX reserves on exchanges and drive the price lower.
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The sentiment in the article is mostly negative as it highlights the potential negative impact of the token unlock event on the price of Avalanche.
You May Ask
When is the AVAX token unlock event scheduled?How much will the circulating supply of AVAX increase after the token unlock?Who will receive the unlocked AVAX tokens?What happened to AVAX price after a similar token unlock event in the past?What is the expected impact of the token unlock on AVAX reserves and price?