• More AVAX, representing over 2% of the current supply, will be unlocked on 26 August.
• AVAX has continued to decline alongside its market cap.

Avalanche [AVAX] has faced a challenging period recently, with its price experiencing a noteworthy decrease. Despite this decline, the planned unlock event is still on track and is set to occur later this week. This event will result in the release of additional AVAX into circulation.

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The Avalanche unlocks

Based on information collected from Token Unlocks, Avalanche is scheduled to undergo an unlock event later this week. The data indicated that a total of 9.54 million AVAX, equivalent to a value exceeding $100 million, would be unlocked on 26 August.

The details from Token Unlocks revealed that these unlocked AVAX tokens would be allocated among the Foundation, partners, and the team, with a portion also designated for airdrops.

About 53% of the maximum supply has been unlocked, and the forthcoming unlock event accounts for 2.77% of the circulating supply. However, it was worth noting that there has been a recent decrease in the market capitalization of the circulating supply.

Avalanche market cap declines as unlock approaches

As of this writing, Avalanche’s circulating supply was more than 344 million tokens, with a market capitalization surpassing $3.6 billion, as reported by CoinMarketC

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Author: Adewale Olarinde

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