Avalanche price crashes as almost 10 million AVAX tokens flood market in cliff unlock
The Avalanche network released 9.54 million AVAX tokens worth $356.39 million to the market on Thursday. These tokens represent approximately 2.6% of the total supply
Avalanche (AVAX) price has experienced a difficult second half of February, characterized by lower highs and lower lows.
The Avalanche network released 9.54 million AVAX tokens worth $356.39 million to the market on Thursday. These tokens represent approximately 2.6% of the total supply. This event was a cliff unlock, where the tokens had been scheduled to unlock at intervals more frequent than daily, rather than the traditional weekly, monthly or annual periods.
Token unlocks are considered a bearish catalyst due to the increased supply. In the Avalanche network's previous unlock in November 2023, investors who anticipated a price drop were disappointed. Although they expected a dip, the price surged 5% within the first week, followed by a 44% increase within two weeks.
