As the November 24 date approaches, Avalanche (AVAX) investors are cautiously anticipating an upcoming unlock of nearly 10 million tokens that could have a significant impact on the market.
The scheduled event will release 9.54 million AVAX, representing approximately 2.68% of the circulating supply. This move will be of great importance as these tokens will be distributed among several key beneficiaries of the Avalanche blockchain.
$212M $AVAX Unlocks in Only 3 Days! 🔥
Save the Date: 24 Nov
Unlocking 9.54M $AVAX – that's a massive 2.68% of Cir. supply.
Who benefits? Here's the lineup:
1. Strategic Partners
3. Team 🌟
Stay ahead with real-time updates and expert insights.
— Token Unlocks (@Token_Unlocks) November 20, 2023
Recipients of these unlocked tokens include strategic partners, the foundation, the core team, and a possible airdrop.
Strategic partners, who maintain important business relationships with Avalanche, could receive a portion of these tokens as part of previously established agreements.
AVALANCHE WILL ALSO BENEFIT FROM UNLOCKING TO SUPPORT FUTURE ACTIVITIES AND DEVELOPMENTS
Additionally, the core team behind Avalanche could receive an allocation of these tokens, which could have implications for their involvement in the project and potentially their strategic decisions going forward.
The possibility of an airdrop is mentioned, where a portion of the unlocked tokens could be distributed for free to existing AVAX holders or even the community at large as part of a promotional strategy.
Market analysts and experts warn about the importance of staying aware of real-time updates and obtaining information from specialized sources to better understand the possible impact of this token unlock on the Avalanche market.
Historically, releases of similar tokens have been linked to decreases in price due to an increase in supply and a reduction in demand.
The Avalanche cryptocurrency (AVAX) is currently trading around $21.65, registering an increase of almost 30% in the last 7 days, according to data from CoinMarketCap.
With a market capitalization of $7 billion, it is currently ranked #14 in the crypto ecosystem ranking.
Although positive aspects have been observed, such as high development activity and an increase in daily transactions on the Avalanche network, investors remain cautious about the imminent release of tokens and its possible implications on its price.