- The cryptocurrency market is set for a week of significant altcoin token unlocks, with one altcoin’s $1 billion unlock causing particular unease.
- Recently launched through Binance’s Launchpool project, Aevo (AEVO) is preparing for a token unlock of approximately $1 billion on May 15, 2024.
- This unlock represents 752% of AEVO’s circulating tokens, a significant figure for an altcoin with a market value of $132 million.
As the cryptocurrency market braces for a week of significant altcoin token unlocks, Aevo’s $1 billion unlock is causing particular concern. The event could significantly impact the altcoin’s market dynamics.
Aevo’s Massive Token Unlock
Launched recently via Binance’s Launchpool project, Aevo (AEVO) is gearing up to make a significant mark on the week. On Wednesday, May 15, 2024, around 08:00 AM (local time), the altcoin is set to unlock tokens worth approximately $1 billion. This figure is quite substantial for an altcoin with a market value of $132 million, as the tokens entering circulation represent 752% of AEVO’s circulating tokens.
Potential Impact on AEVO’s Market Dynamics
As we reported yesterday, some analysts have suggested that it might be prudent to steer clear of the altcoin this week due to AEVO’s substantial token unlock. AEVO’s vesting table is calculated based on the assumption that all tokens will be convertible immediately after the unlock, according to the RBN vesting program. RBN holders can convert their RBNs to AEVO at a 1:1 ratio. As a result of these token unlocks, a significant portion of AEVO’s maximum supply will enter circulation. At the time of writing, AEVO is trading at $1.13, exhibiting an 8% decline in the last 24 hours, in line with the broader market downturn.
Other Significant Altcoin Token Unlocks
In addition to AEVO’s surprising $1 billion token unlock, 33 other altcoins are set to unlock tokens throughout the week. These include Games for a Living (GFAL), DappRadar (RADAR), AltLayer (ALT), Sei (SEI), RSS3 (RSS3), Biconomy (BICO), Artificial Liquid Intelligence (ALI), Voxies (VOXEL), dYdX (DYDX), Zebec Network (ZBC), Humanode (HMND), Highstreet (HIGH), CLV (CLV), Sidus (SIDUS), StarkNet (STRK), CyberConnect (CYBER), Arbitrum (ARB), LimeWire (LMWR), Uniswap (UNI), The Graph (GRT), Velo (VELO), SuperRare (RARE), BBS Network (BBS), Oxygen (OXY), Immutable (IMX), ApeCoin (APE), Oasis Network (ROSE), Ondo Finance (ONDO), Aurora (AURORA), BENQI (QI), Numbers Protocol (NUM), Pixels (PIXEL), and Land Of Conquest (SLG).
Conclusion
As the new week unfolds, investors should keep a close eye on these altcoins. The significant token unlocks could lead to increased volatility and potentially impact market dynamics. As always, investors are advised to do their own research and exercise caution when trading in volatile markets.
