Altcoin
$160M token unlock: SAND, ARB, APE set to flood crypto market
Posted:
| Last updated: August 21st, 2024
Journalist
- Around 11 projects are set to unlock tokens this week.
- The upcoming unlocks are worth over $160 million.
August has been marked by a series of Token Unlock events beginning in the first week, and this trend is set to continue.
This week, several notable projects are scheduled to release additional tokens into circulation, adding to the billions of dollars worth of assets expected to enter the market.
August’s token unlock tsunami
According to recent data on Token Unlock, approximately 14 projects are scheduled to release some tokens into circulation.
The scale of these releases varies, with some projects poised for more substantial unlocks than others.
Sandbox [SAND]
According to recent data, The Sandbox [SAND] is set to experience one of the largest token unlocks of the week, with 205.59 million SAND scheduled for release.
These tokens have a press time market value of approximately $53.28 million. This unlock represented 9% of the circulating supply, which is a significant proportion.
The allocation of the unlocked tokens will be divided among the company reserve, the team, and advisors, with nearly half going to the company reserve.
As of this writing, SAND was trading around $0.25, reflecting a slight increase of over 1%.
Arbitrum [ARB]
Arbitrum [ARB] is also scheduled for one of the week’s largest token unlocks, with 96 million ARB set to be released, representing 2.87% of its circulating supply.
The value of the upcoming unlock is approximately $54 million. These tokens will be distributed between the team and investors, with the team receiving over half of the unlock.
As of this writing, ARB was trading at around $0.5, showing a slight increase of over 2%.
ApeCoin [APE]
ApeCoin [APE] will unlock approximately 15.60 million APE, valued at $9.24 million, this week. These tokens accounted for 2.31% of Apecoin’s circulating supply.
The unlocked tokens are designated for the treasury, Yuga Labs, and the founders of Yuga Labs. As of this writing, APE was trading around $0.59, reflecting an increase of over 2%.
Other token unlocks
According to data from CryptoRank, significant token unlocks are scheduled this week for both Uniswap [UNI] and Worldcoin [WLD].
For Uniswap, approximately 8.3 million UNI tokens, valued at $49.61 million, will be released. These tokens represented 0.83% of Uniswap’s circulating supply.
In the case of Worldcoin, around 5.2 million WLD tokens, valued at $8.15 million, will be unlocked, accounting for 0.05% of its total circulating supply.
