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At least 15 cryptocurrencies listed in the top 100 of the cryptocurrency market will unlock locked tokens worth millions of dollars in August. This data analysis provides a forecast of the price impact of a possible token sale in August. We are examining the biggest events of the 5 token unlockings that will take place this month.
What is Token Unlocking?
Token unlocking refers to the release of previously locked or restricted tokens. Many blockchain projects resort to token locking to manage and control the supply of local tokens.
One of the most important reasons for token locking is to assure investors that team members will not engage in long-term token sales. This creates a trust mechanism for investors and ecosystem users.
When we examine the planned unlocking events for August, The Sandbox (SAND) stands out with the highest-ranking token unlocking worth approximately $138 million. However, crypto investors should also pay attention to the other three token unlockings scheduled for this month.
The Biggest Unlockings of August
The Sandbox emerged as one of the most popular metaverse projects with a market value exceeding $800 million. It is currently among the top 60 cryptocurrencies by market capitalization.
According to data from TokenUnlocks, over 300 million SAND tokens will be in circulation on August 14th. The project led by Arthur Madrid will release 332.55 million SAND tokens ($138 million in value) into circulation.
After a four-month decline, Optimism (OP) finally showed a 21% increase in July. However, the OP token unlocking on July 30th could end this upward trend.
Data from Defillama reveals that Optimism committed to unlocking 32.31 million OP tokens starting from May 30, 2023. 17 million of these tokens are allocated for the team and are planned to be unlocked on the same date each month. The remaining 15.21 million tokens will be available for investors to use. The unlocking program is expected to have an impact on the token price in the coming months.
Aptos (APT) will unlock 4.54 million APT tokens on July 12th, worth nearly $31.62 million. Injective (INJ) will follow with a similar token unlocking. The unlocking of 2.86 million INJ tokens, estimated to be worth $23 million, is planned for August 21st.
