August 2024 is poised to be a monumental month for the cryptocurrency market, with several high-profile token unlock events set to release nearly $1.5 billion worth of tokens into circulation. These events, detailed by BeInCrypto and TokenUnlocks, present both opportunities and challenges for investors and traders alike. Here's a closer look at the major token unlocks scheduled for this month and their potential impact on the market.

• Avalanche (AVAX) Unlock on August 20: 9.54 million tokens, worth $251.33 million.

• Wormhole (W) Unlock on August 3: 600 million tokens, valued at $151.67 million.

• Aptos (APT) Unlock on August 12: 11.31 million tokens, worth $76.45 million.

• The Sandbox (SAND) Unlock on August 14: 205.59 million tokens, valued at $66.75 million.

• Arbitrum (ARB) Unlock on August 16: 92.65 million tokens, worth $65.17 million.

• Other Significant Unlocks: dYdX (DYDX), Sui (SUI), ZetaChain (ZETA), Galxe (GAL).

Source: BeInCrypto 

The largest token unlock event this month involves Avalanche (AVAX). On August 20, Avalanche will unlock 9.54 million tokens, valued at approximately $251.33 million. This release represents 2.42% of AVAX’s circulating supply. The distribution is as follows:

• Strategic partners: 2.25 million AVAX ($59.27 million)

• Foundation: 1.67 million AVAX ($43.90 million)

• Team: 4.5 million AVAX ($118.53 million)

• Airdrop: 1.13 million AVAX ($29.63 million)

Source: BeInCrypto 

On August 3, Wormhole will release 600 million tokens, accounting for 33.33% of its circulating supply and valued at approximately $151.67 million. This unlock is aimed at enhancing community engagement and launch activities. The reaction from the crypto community has been mixed, with some viewing it as a positive move for liquidity and others expressing concerns about market impact.

Source: BeInCrypto 

Scheduled for August 12, Aptos will distribute 11.31 million APT tokens, worth around $76.45 million. This represents 2.41% of its circulating supply. The breakdown is as follows:

• Foundation: 1.33 million APT ($9.01 million)

• Community: 3.21 million APT ($21.7 million)

• Core contributors: 3.96 million APT ($26.76 million)

• Investors: 2.81 million APT ($18.98 million)

Source: BeInCrypto 

The Sandbox will unlock 205.59 million SAND tokens on August 14, representing 9% of its circulating supply and valued at $66.75 million. The distribution will be:

• Team: 71.25 million SAND ($23.13 million)

• Advisors: 37.50 million SAND ($12.18 million)

• Company Reserve: 96.84 million SAND ($31.44 million)

Source: BeInCrypto 

Arbitrum, the native token of Ethereum Layer-2 Arbitrum, will release 92.65 million tokens worth approximately $65.17 million on August 16. This unlock represents 2.77% of its circulating supply. The distribution includes:

• Team, Future Team + Advisors: 56.13 million ARB ($39.48 million)

• Investors: 36.52 million ARB ($25.69 million)

Several other significant unlocks are scheduled for August, including:

• Sui (SUI): 68.79 million tokens worth $53.26 million on August 1.

• dYdX (DYDX): Tokens worth $10.67 million on August 1.

• ZetaChain (ZETA): Tokens worth $35 million on August 1.

• ImmutableX (IMX): 32.47 million tokens worth $50 million on August 9.

• Moonbeam (GLMR): Tokens worth $611,820 on August 11.

• Io.net (IO): Tokens worth $6.4 million on August 11.

• ApeCoin (APE): Tokens worth $12.14 million on August 17.

• SPACE ID (ID): Tokens worth $8.95 million on August 22.

August 2024 is set to be a pivotal month for the crypto market with numerous token unlock events on the horizon. These events will significantly increase the supply of several major tokens, potentially impacting their market prices and overall liquidity. Investors should stay informed and prepared for potential market fluctuations as these unlocks unfold.

Read more: DYDX, IO, SUI, and Other Major Token Unlocks to Watch in July 2024