Bitcoin

USDC

Avalanche

<div class="finbold">
 <p class="paragraph">Avalanche (AVAX) has seen nearly $1 <a rel="noopener noreferrer nofollow" title="billion" href="https://thebittimes.com/tag/billion.html">billion</a> worth of value vanishing from its market cap on February 21. This happened in anticipation of Avalanche’s awaited <a rel="noopener noreferrer nofollow" title="token" href="https://thebittimes.com/tag/token.html">token</a> <a rel="noopener noreferrer nofollow" title="unlock" href="https://thebittimes.com/tag/unlock.html">unlock</a> and sell-offs, as reported by Finbold on February 17.</p>
 <p class="paragraph">In particular, Avalanche currently has a $13.52 million market cap against the $14,42 billion capitalization 24 hours ago.</p>
 <p class="paragraph">Meanwhile, the <a rel="noopener noreferrer nofollow" title="token" href="https://thebittimes.com/tag/token.html">token</a> trades at $36.77, with a 367.716 million AVAX circulating supply. In a few hours from the time of writing, vesting contracts will increase this supply by 9.54 million AVAX. Therefore, this creates <a rel="noopener noreferrer nofollow" title="massive" href="https://thebittimes.com/tag/massive.html">massive</a> selling pressure worth over $365 million.</p>
 <div class="border border-red-300 rounded-xl p-6 not-prose mb-6">
  <h3 class="text-2xl font-black mt-0 flex gap-x-3 mb-5">
   <svg width="32" height="32" viewbox="0 0 32 32" fill="none" xmlns="//www.w3.org/2000/svg"><path d="M4 10.6665V25.3332C4 28.2678 6.392 29.3332 8 29.3332H28V26.6665H8.016C7.4 26.6505 6.66667 26.4078 6.66667 25.3332C6.66667 24.2585 7.4 24.0158 8.016 23.9998H28V5.33317C28 3.8625 26.804 2.6665 25.3333 2.6665H8C6.392 2.6665 4 3.73184 4 6.6665V10.6665ZM8 5.33317H25.3333V21.3332H6.66667V6.6665C6.66667 5.59184 7.4 5.34917 8 5.33317Z" fill="#EF4444"> 
    </path> <path d="M15.996 18.6668L20.4626 14.2815C20.738 14.0166 20.9571 13.6989 21.1068 13.3473C21.2564 12.9957 21.3336 12.6176 21.3336 12.2355C21.3336 11.8534 21.2564 11.4752 21.1068 11.1236C20.9571 10.7721 20.738 10.4543 20.4626 10.1895C19.9074 9.64148 19.1587 9.33422 18.3786 9.33422C17.5985 9.33422 16.8498 9.64148 16.2946 10.1895L15.996 10.4801L15.6973 10.1881C15.1423 9.64023 14.3938 9.33301 13.614 9.33301C12.8341 9.33301 12.0856 9.64023 11.5306 10.1881C11.2552 10.453 11.0361 10.7707 10.8865 11.1223C10.7368 11.4739 10.6597 11.852 10.6597 12.2341C10.6597 12.6162 10.7368 12.9944 10.8865 13.346C11.0361 13.6975 11.2552 14.0153 11.5306 14.2801L15.996 18.6668Z" fill="#EF4444"> 
    </path>
   </svg> Picked for you</h3>
  <div class="grid md:grid-cols-2 gap-x-10 gap-y-3 md:gap-y-5 divide-y divide-gray-300 md:divide-y-0">
   <div class="md:odd:pr-4 md:odd:border-r odd:border-gray-300 pt-3 first:pt-0 md:pt-0">
    XRP price forecast as mysterious whale bags $20 million XRP in minutes <span class="self-center text-xs text-slate-500">1 hour ago</span>
   </div>
   <div class="md:odd:pr-4 md:odd:border-r odd:border-gray-300 pt-3 first:pt-0 md:pt-0">
    This AI token in presale threatens to overthrow Chainlink’s dominance <span class="self-center text-xs text-slate-500">2 hours ago</span>
   </div>
   <div class="md:odd:pr-4 md:odd:border-r odd:border-gray-300 pt-3 first:pt-0 md:pt-0">
    Bitcoin price forecast: Brace for sub-$50k crash, $140 billion at Risk <span class="self-center text-xs text-slate-500">3 hours ago</span>
   </div>
   <div class="md:odd:pr-4 md:odd:border-r odd:border-gray-300 pt-3 first:pt-0 md:pt-0">
    Tron (TRX) price prediction amid USDC halting operations <span class="self-center text-xs text-slate-500">4 hours ago</span>
   </div>
  </div>
 </div>
 <div class="mb-4 bg-slate-50 rounded-md layout-adjustment">
  <div id="finbold.com_middle" style="min-width: 300px; min-height: 250px;">
  </div>
 </div>
 <p class="paragraph">Interestingly, the current losses may be due to the cryptocurrency market trying to price the expected sell-off. Frontrunning the entities that will benefit from the token’s inflation.</p>
 <figure class="wp-block-image size-large"><img decoding="async" width="1024" height="482" src="https://cdn.thebittimes.com/images/2024/02/22/9b34ad7089c067d682acd5c16ab2f42c.webp" alt class="wp-image-156461" srcset="https://cdn.thebittimes.com/images/2024/02/22/9b34ad7089c067d682acd5c16ab2f42c.webp 1024w, https://cdn.thebittimes.com/images/2024/02/22/9b34ad7089c067d682acd5c16ab2f42c.webp 300w, https://cdn.thebittimes.com/images/2024/02/22/9b34ad7089c067d682acd5c16ab2f42c.webp 768w, https://cdn.thebittimes.com/images/2024/02/22/9b34ad7089c067d682acd5c16ab2f42c.webp 1280w" sizes="(max-width: 1024px) 100vw, 1024px">
  <figcaption class="wp-element-caption">
   Avalanche (AVAX) market data and daily market cap chart. Source: <em>CoinMarketCap</em>
  </figcaption>
 </figure>
 <h2 class="wp-block-heading" id="h-avax-token-unlock-and-distribution">AVAX token unlock and distribution</h2>
 <p class="paragraph">Notably, Avalanche’s last unlock happened on August 26, 2023, with a massive impact on the price of AVAX. By then, one token was priced at $10.60, approximately 3.5 times lower than its current rate.</p>
 <p class="paragraph">Regarding distribution, the team is set to receive 47% of the allocations for this year. Starting February 22, team members will have access to liquidate 4.50 million AVAX, valued at approximately $177.62 million.</p>
 <p class="paragraph">Moreover, both ‘Strategic Partners’ and the ‘Foundation’ will see their treasuries grow by an addition of 2.25 million and 1.67 million AVAX, respectively. This scenario poses a potential risk of a sell-off exceeding $154.6 million by these parties.</p>
 <p class="paragraph">However, the highest liquidity <a rel="noopener noreferrer nofollow" title="unlock" href="https://thebittimes.com/tag/unlock.html">unlock</a> involves 1.13 million AVAX ($44.40 million) designated for a community airdrop. This is due to retail having a less-strategic selling behavior.</p>
 <figure class="wp-block-image size-full"><img decoding="async" width="662" height="560" src="https://cdn.thebittimes.com/images/2024/02/22/f4416df8511954f9d9a78bf027e218dc.webp" alt class="wp-image-156462" srcset="https://cdn.thebittimes.com/images/2024/02/22/f4416df8511954f9d9a78bf027e218dc.webp 662w, https://cdn.thebittimes.com/images/2024/02/22/f4416df8511954f9d9a78bf027e218dc.webp 300w" sizes="(max-width: 662px) 100vw, 662px">
  <figcaption class="wp-element-caption">
   February 21 AVAX unlock distribution. Source: <em>TokenUnlocksApp</em>
  </figcaption>
 </figure>
 <p class="paragraph">In conclusion, Avalanche investors and cryptocurrency traders must speculate with caution in the following days. Cryptocurrencies are volatile and unpredictable, moved by whales and market makers looking for the highest possible profits.</p>
 <p class="paragraph">Such a massive token unlock could fuel the already happening sell-off, further impacting AVAX’s short-term prices.</p>
 <p class="paragraph"><strong><em>Disclaimer:</em></strong><em> The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.</em></p>
</div>
<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/1-billion-wiped-from-avax-in-a-day-amid-massive-token-unlock-tbt80423.html">https://thebittimes.com/1-billion-wiped-from-avax-in-a-day-amid-massive-token-unlock-tbt80423.html</a></p>

$1 billion wiped from AVAX in a day amid massive token unlock

Table of Contents

TheBitTimes

Άλλα άρθρα που δημοσιεύτηκαν στις 21 Φεβ 2024

Top Trader Says AI-Focused Altcoin Knocking on New All-Time Highs, Names One Coin on the Verge of...

Solana Meme Coin Smog Token Draws Thousands To Airdrop, Buy And Stake For 42% APY

OKX Ventures Backs $14.4M Round for AltLayer

MicroStrategy’s Michael Saylor Reveals His Ultimate Bitcoin Exit Strategy

Ripple CEO Weighs In on XRP ETF Rumors

Chainlink (LINK) drops, while Dogecoin (DOGE) holders flock to Pushd (PUSHD) presale as 20x seems...

Join our free newsletter for daily crypto updates!