As November 2023 approaches, the cryptocurrency market is anticipating the unlocking of significant token supplies from two prominent projects—Avalanche (AVAX) and LooksRare (LOOKS). This event is poised to inject a substantial value of $207.6 million into the crypto ecosystem. Let’s delve into the specifics of each token unlock and explore the unique features and potential future trajectories of Avalanche and LooksRare.
AVAX Token Unlock: Unveiling Avalanche’s Potential
Avalanche, a layer one blockchain, aspires to outpace Ethereum in becoming the foremost blockchain for smart contracts. Distinguished by its three-blockchain architecture—X-Chain, C-Chain, and P-Chain—Avalanche stands out for its ability to handle up to 6,500 transactions per second without sacrificing scalability. The unique consensus mechanisms tailored to each blockchain contribute to its versatility.
Current AVAX Status
Currently, the AVAX token is valued at $21.54, with a market cap of $7,661,233,603. The circulating supply is 355,592,918 AVAX, accounting for 49.39% of the total supply (720 million AVAX tokens).
Token Unlock Details
On November 24, 2023, Avalanche is set to release 9.54 million AVAX tokens, amounting to $200.85 million. These tokens will be distributed among various stakeholders:
- 2.25 million AVAX to Strategic Partners ($48.31 million)
- 1.67 million AVAX to the Foundation ($35.79 million)
- 4.50 million AVAX for the Team ($96.62 million)
- 1.13 million AVAX for Airdrop ($24.15 million)
Past Performance and Future Speculations
Comparing this unlock event to the previous one on August 26, 2023, where AVAX was valued at $10.0484, the current price of $21.55 reflects an impressive 114.39% increase. This remarkable surge raises intriguing questions about the future price trajectory of Avalanche.
LOOKS Token Unlock: Unwrapping LooksRare’s Potential
LooksRare, a community-centric NFT marketplace on the Ethereum blockchain, introduced its utility token—LOOKS—in January 2022. Designed for decentralized trading of non-fungible tokens, LOOKS plays a vital role in the LooksRare ecosystem, offering rewards and facilitating user engagement.
Current LOOKS Status
The LOOKS token is presently valued at $0.756, with a market cap of $72,571,844. The circulating supply stands at 959,971,940 LOOKS, representing 96% of the total supply (96,492,400 LOOKS).
Token Unlock Details
On November 27, 2023, LooksRare is set to unlock 37.50 million LOOKS tokens, equivalent to $2.73 million. These tokens will be allocated as follows:
- 25.00 million LOOKS for Team Tokens ($1.89 million)
- 12.50 million LOOKS as Treasury Tokens ($946.53 thousand)
Performance Analysis and Future Outlook
Comparing this upcoming token unlock to the previous event on September 6, 2023, where LOOKS was priced at $0.05523, the current value of $0.0756 represents a 36.9% increase. This growth opens up intriguing possibilities for the future price of the LOOKS token.
Conclusion: Navigating the Future
As the token unlocks for AVAX and LOOKS approach, the crypto community awaits with anticipation. The impressive price surges post-previous unlocks for both tokens raise curiosity about their future trajectories. The unique features and goals of Avalanche and LooksRare contribute to the complexity of predicting their future prices. The cryptocurrency landscape is poised for continued evolution, and these token unlocks mark pivotal moments in the journeys of AVAX and LOOKS.
