August is poised to be a pivotal month for the cryptocurrency market, with an estimated $1.5 billion worth of tokens set to be unlocked. Ripple is at the forefront, planning to release 1 billion XRP tokens valued at $609 million on August 1. This move is part of Ripple’s ongoing strategy, initiated in 2017, where it systematically releases tokens from its two main wallets, Ripple (24) and Ripple (25), on the first day of each month.
A recent report from Token Unlocks, a platform that monitors token releases closely, highlighted that August will witness substantial unlocking events for major tokens, including SUI, dYdX, Avalanche, and Wormhole.
Ripple Leads, but Others Follow
In addition to XRP, Avalanche, and Wormhole will also contribute significantly to the token releases, adding $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.
August is set to be a dynamic month for the cryptocurrency market, with major token unlocks that could significantly impact market movements and investor strategies.
