August 2024: Crypto Market Braces for $160M Token Surge
The Bottom Line
In August 2024, the crypto market is facing a flood of token releases worth over $160 million USD. Among the affected projects are Sandbox (SAND), Arbitrum (ARB), and ApeCoin (APE), which together make up a significant portion of the total value of the releases. These events could potentially impact the price development of the relevant tokens and the crypto market as a whole.
The Upcoming Token Releases in Detail
Sandbox (SAND)
Sandbox is planning one of the largest releases of the week, with 205.59 million SAND tokens with a market value of about $53.28 million USD. This release represents 9% of the circulating supply and is mainly divided among the company reserve, the team, and advisors.
Arbitrum (ARB)
Arbitrum is also facing a large token release, with 96 million ARB tokens that make up 2.87% of the circulating supply and have a value of approximately $54 million USD. These tokens are divided between the team and investors, with the team receiving the larger share.
ApeCoin (APE)
ApeCoin will release about 15.60 million APE tokens, which represent 2.31% of the circulating supply and have a value of $9.24 million USD. The released tokens are intended for the Treasury, Yuga Labs, and the founders of Yuga Labs.
Other Significant Token Releases
In addition to SAND, ARB, and APE, other significant token releases are planned, including for Uniswap (UNI) and Worldcoin (WLD). Uniswap will release about 8.3 million UNI tokens, worth $49.61 million USD. Worldcoin plans to release approximately 5.2 million WLD tokens worth $8.15 million USD.
Our Assessment
The upcoming token releases could trigger short-term price movements of the affected tokens, especially as market participants react to the increased availability. However, the long-term impact depends on the development of demand and overall market dynamics. Investors should keep an eye on these events and adjust their investment strategies accordingly.
Sources: AMBCrypto, CryptoRank
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