Avalanche sell-off alert: Nearly $400M of unlocked AVAX
Avalanche (AVAX) has a challenging week ahead with a sell-off of nearly $400 million worth of tokens. This is part of Avalanche’s unlocks from the Genesis distribution, summing up to the usual proof-of-stake (PoS) issuance. On February 21, vesting contracts will release 9.54 million AVAX worth $376.61 million at press time prices. Finbold retrieved this data from TokenUnlocksApp on February 17. Notably, Avalanche dominates the platform’s total cliff unlocks of $433.94 million for the next seven days by over 86%. Cliff unlocks next 7D: Avalanche (AVAX). Source: TokenUnlocksApp In particular, this massive unlock amounts to 2.6% of Avalanche’s current circulating supply of 367.51 million AVAX. Additionally, it is 27 times larger than the 24-hour exchange volume of $13.80 billion, according to CoinMarketCap . Picked for you Funds locked in DeFi surged 100% in 4 months, reaching 2-year high 2 hours ago 3 cryptocurrencies to reach $100 billion market cap in 2024 5 ho...