Ripple Leads the Pack in August’s Major Crypto Token Releases

August will be a busy month in the cryptocurrency market with nearly $1.5 billion in tokens set for release. Ripple leads the pack, unlocking up to 1 billion XRP tokens valued at around $609 million on August 1. Since 2017, Ripple has followed this monthly unlocking pattern, using several escrow wallets such as Ripple (24) and Ripple (25) to manage these releases.

Despite the large volume of tokens unlocked, Ripple often re-locks a substantial portion. In June, Ripple re-escrowed up to 800 million XRP from its monthly unlock, while selling around 300 million XRP worth $182 million, as reported by TradingView. This practice of re-escrowing can significantly reduce the actual amount of XRP entering circulation.

Other Major Tokens Scheduled For Release

Besides Ripple, several other major projects will unlock significant token amounts this month. On August 3, Wormhole will release 33.3% of its circulating supply, translating to 600 million Wormhole (W) tokens worth $180.5 million. This follows Wormhole’s airdrop launch earlier this year. Avalanche will unlock 2.4% of its supply on August 20, releasing 9.4 million AVAX tokens valued at $268 million. This release is part of a broader schedule that includes notable releases from Sui, dYdX, and ZetaChain.

$600M XRP token release to bring August crypto unlocks to $1.5B: The month of August is shaping up to be a big month for token unlocks, with just shy of $1.5 billion in tokens being released to the market. https://t.co/bCkXnug2XF #CryptoNews #crypto #Bitcoin pic.twitter.com/2mD1vVhonI
— @zimisss (@zimisss) July 29, 2024

Sui will unlock 2.56% of its circulating supply on August 1, amounting to 64 million tokens valued at $50 million. dYdX will release 8.33 million tokens worth nearly $11 million on the same day, targeting various stakeholders including investors and staff. Meanwhile, ZetaChain will unlock nearly 18.9% of its supply, releasing 53.9 million ZETA tokens valued at approximately $34.5 million.

Additional Token Unlocks And Market Impact

Further into the month, ImmutableX will unlock 32.5 million IMX tokens on August 9, valued at $49 million. Aptos will follow with a release of $80 million worth of APT tokens on August 12. On August 14, the Sandbox will release SAND tokens valued at $69 million.

Additionally, Ethereum layer-2 networks will see Arbitrum releasing 92.6 million ARB tokens on August 16 and Starknet unlocking 64 million STRK tokens on August 15. These token unlocks will significantly impact the market, potentially affecting token values and overall market dynamics.

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With substantial unlocks from major players like Ripple, Wormhole, and Avalanche, August’s token releases will mark a busy period for the cryptocurrency market. Market participants should stay informed about potential shifts in token availability and value.

Disclaimer: The information in this article should not be considered financial advice, and FXCryptoNews articles are intended only to provide educational and general information. Please consult with a financial advisor before making any investment decisions.