The activation of 3.43 million AXS tokens, valued at $22 million, is expected to lead to a price decline similar to a previous event.
This week, more than $27.5 million worth of tokens will be activated, according to Token.unlocks.app.
Last week’s Ripple-induced rally prompted a decline in altcoins, which could make some of them even lower.
The Token.Unlocks.app platform announced on July 18 that crypto tokens worth millions were about to be released in cliff opens.
The Axie Infinity AXS activation on July 22 is the most significant.
This will result in 3,43,000,000 AXS tokens, or 3% of the total supply, flooding the market. In addition, the enormous token tranche is worth a staggering $22 million.
However, this massive distribution is smaller than in April, when 18.9 million AXS tokens were available. AXS dropped 17% the week preceding the event, so prices are anticipated to fall slightly this time.
At the time of writing, AXS had dropped 1.2% on the day to $6.34 and was down a staggering 96% from its all-time high.
Token Dissemination: SPACE ID’s Digital Identity Platform
On July 22, SPACE ID’s digital identity platform will disseminate over 15 million ID tokens. These are valued at approximately $4 million and account for 5.3% of the available supply.
ID has decreased by 10% over the past two weeks, and additional losses are anticipated.
On July 18, the X2Y2 NFT market will release 37.5 million coins worth under $1 million, representing approximately 13% of its total supply.
Its token with the same moniker has dropped 6% in the past 12 hours.
This week also sees the publication of Euler (EUL), Cartesi (CTSI), and 1inch (1INCH).
The week’s most significant token sale was Arkham’s ARKM on the Binance Launchpad, which began accepting subscriptions on July 17.
On Binance, the contentious blockchain intelligence marketplace, 150 million tokens are sold to BNB investors.
For the first five minutes, Binance limited the transaction price to ten times the public sale price. This means that ARKM prices cannot initially exceed $0.50.
Arkham was recently criticized for data harvesting and labeled a “snitch-to-earn” platform by some cryptocurrency community members.