Avalanche will add 9.54 million AVAX worth about $196 million to its circulating supply next week as it struggles to recover from the recent market decline, according to data from Token Unlocks.
AVAX underperformed compared to other crypto assets in the current bull cycle. Since the beginning of the year, AVAX holders have sustained nearly a 50% loss, according to data from asset manager Grayscale.
AVAX is up over 2% in the past 24 hours, hovering around the $20 price, but may experience a decline in the coming week following its heavy upcoming token unlock.
The increased supply from token unlocks often stirs negative sentiment from investors, potentially leading to huge sell-offs, especially during heavy unlock events. Furthermore, prices may see a correction as new supply could outweigh demand.
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