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XRP News Today: Ripple-Led $1.5 Billion Token Flood to Hit Market in August

Published by
Debashree Patra

August is set to be a significant month for the cryptocurrency market, with nearly $1.5 billion worth of tokens being unlocked. Leading the charge is Ripple, which will release 1 billion XRP tokens valued at $609 million on August 1. This move is part of Ripple’s ongoing strategy since 2017, where it systematically releases tokens from two main wallets, Ripple (24) and Ripple (25), on the first day of each month.

A recent report from Token Unlocks, a platform closely monitoring token releases, revealed that August is witnessing substantial unlocking events for major tokens like SUI, dYdX, Avalanche, Wormhole, and more.

Keep reading to discover more about these crypto titans who are about to make waves in the market.

Ripple Leads, but Others Follow

Joining Ripple   in the significant token releases are Avalanche and Wormhole, which together will add $449 million worth of tokens to the market. On August 3, Wormhole will release 600 million W tokens, representing 33.3% of its circulating supply and valued at $180.5 million.

Later in the month, on August 20, Avalanche will unlock 9.4 million AVAX tokens worth $268 million, accounting for 2.4% of its circulating supply.

Early August Unlocks: What to Look For

The first day of August will see substantial token releases from several projects. Sui will release 64 million tokens valued at $50 million, dYdX will unlock 8.33 million tokens worth nearly $11 million, and ZetaChain will add 53.9 million tokens valued at around $34.5 million to the market.

Other significant unlocks throughout August include ImmutableX on August 9, releasing 32.5 million tokens valued at $49 million; Aptos on August 12, releasing $80 million worth of APT tokens; and The Sandbox on August 14, releasing $69 million worth of SAND tokens.

Ethereum Layer-2 Networks Join In

Ethereum layer-2 networks Starknet and Arbitrum are also contributing to this wave of token unlocks. On August 15, Starknet will unlock 64 million tokens valued at $35 million, and Arbitrum will release 92.6 million tokens worth $67 million on August 16.

Also Read: Ripple vs. SEC: August 1 Meeting Sparks XRP Lawsuit Settlement Speculation

Investors, Hold Steady!

This surge of token unlocks is set to significantly impact the market, introducing a substantial amount of liquidity and potential trading activity. As market dynamics evolve, investors and analysts alike are keen to see how these releases will affect prices and investor sentiment throughout August.

The stage is set for an exciting month in the crypto world. Are you ready for the ride?

Debashree Patra

Fun-loving and cheerful, a passionate blockchain and crypto writer who knows no boundary…connect if you share the same passion. With 10+ years of writing experience, I am a Crypto Journalist by chance, exploring, and learning all the dynamics of the sci-fi action-filled crypto world. Currently, focusing on cryptocurrency news and price data. With a passion for research and challenging my capabilities, I am slowly getting into the crypto arena to bring new insights every day.

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