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Crypto currency markets have become a significant source of interest due to the unlocking of token locks, which are actively monitored by experts for their potential to create inflationary pressure and act as a catalyst for a downturn in token value.
Unlocking of AVAX Tokens
According to reviews on the Token Unlock Dashboard, approximately 3 million Avalanche (AVAX) tokens, equivalent to about 115 million US dollars at market price, were released. Furthermore, almost all of the tokens in the crypto network were distributed as a part of staking rewards. However, experts noted that there was no downward pressure on AVAX when examining its price behavior over the past 24 hours.
The negligible impact of the altcoin flow might be due to the relatively small amount released. The unlocked tokens constituted only 0.82% of AVAX’s total circulating supply. Nevertheless, the next unlock is scheduled for February 22, 2024, which will release another 9.54 million tokens. It would be interesting to observe whether AVAX will show similar resilience or witness a decline.
Consequences of the Token Unlock
Token unlock events refer to tokens that are scheduled to be released on a predetermined date and program. Additionally, AVAX was among the best performers in December and achieved a return of approximately 72% on a month-to-date (MTD) basis. The token maintained its momentum amidst a sharp correction in the overall market. Using Coinglass data, it was determined that the Open Interest (OI) in AVAX futures reached an all-time high of 370 million dollars (ATH) last week.
As a result, AVAX exhibited high performance in December, maintaining its momentum despite the overall market correction. Token unlock dates are set within a predetermined schedule, and the next unlock is expected in 2024. Coinglass data indicates that the Open Interest in AVAX futures reached an all-time high.
At the time of writing, AVAX is trading at the level of 39.27 dollars.
