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The popular artificial intelligence altcoin SingularityNET (AGIX) is preparing for a large token unlock event, which will release millions of AGIX tokens. According to data, the upcoming token unlock event will introduce approximately $6.74 million worth of AGIX into circulation.
8.97 Million AGIX Tokens to Be Unlocked
Data provided by Token.unlock indicates that on February 28, 2024, 8.97 million AGIX tokens will be unlocked and added to the circulating supply. The tokens to be unlocked are equivalent to $6.74 million and represent 0.71% of the current circulating supply. The token unlock event is expected to take place at 03:00 AM local time on February 28, with plans to increase the circulating supply of AGIX tokens thereafter.
The tokens to be unlocked will be allocated to the AGIX-ADA Utility program, which is a significant part of the SingularityNET ecosystem. This allocation is expected to enhance the utility and functionality of AGIX within the SingularityNET platform and potentially lead to wider adoption and growth.
Furthermore, according to data from Token.unlock, there are currently 598.18 million AGIX tokens in a locked state. To date, a significant portion of AGIX tokens has been unlocked and introduced into circulation, totaling 1.4 billion tokens. The data indicates that approximately 70% of SingularityNET’s token unlock program has been completed, suggesting that the new supply pressure on AGIX holders may end in the short to medium term.
Price Under Pressure Ahead of Token Unlock Event
As SingularityNET prepares for the significant token unlock event, stakeholders and investors are focused on the impact of the unlocked tokens on AGIX’s price. According to data from the crypto data and price platform CoinMarketCap, AGIX’s price has seen a slight decline in the last 24 hours ahead of the upcoming token unlock event. At the time of writing, AGIX is trading at $0.712, down by 1.24% in the last 24 hours.
Despite the strong upward trend that has enveloped the overall cryptocurrency market following Bitcoin‘s (BTC) rise above $56,000, the altcoin’s price turning red indicates that the impending token unlock event is influencing investors’ sentiment.
