AVAX circulating supply set for a hike following next week's crypto token unlock
Avalanche will add 9.54 million AVAX worth about $196 million to its circulating supply next week as it struggles to recover from the recent market decline, according to data from Token Unlocks.
AVAX underperformed compared to other crypto assets in the current bull cycle. Since the beginning of the year, AVAX holders have sustained nearly a 50% loss, according to data from asset manager Grayscale.
AVAX is up over 2% in the past 24 hours, hovering around the $20 price, but may experience a decline in the coming week following its heavy upcoming token unlock.
The increased supply from token unlocks often stirs negative sentiment from investors, potentially leading to huge sell-offs, especially during heavy unlock events. Furthermore, prices may see a correction as new supply could outweigh demand.
Disclaimer: The content above represents only the views of the author or guest. It does not represent any views or positions of FOLLOWME and does not mean that FOLLOWME agrees with its statement or description, nor does it constitute any investment advice. For all actions taken by visitors based on information provided by the FOLLOWME community, the community does not assume any form of liability unless otherwise expressly promised in writing.
FOLLOWME Trading Community Website: https://www.followme.com
Hot
No comment on record. Start new comment.