99% of AVAX holders are in loss ahead of nearly $100 million token unlock

AVAXThe previous token unlock event increased the selling pressure on AVAX and sent the token to its June 10 low of $10.04. Nearly 21.82% was shaved off from the token’s price within the two weeks following the May 28 unlock. A similar impact is likely expected from Saturday’s AVAX token unlock.AVAX holders in profit declines to all-time low

Based on data from crypto intelligence tracker IntoTheBlock, the percentage of AVAX holders in profit has taken a massive hit. For the week starting Monday, August 21, 99.49% AVAX holders are “out of the money” or sitting on unrealized losses, 0.51% are at break-even and a mere 160 addresses are sitting on unrealized profits.price has witnessed similar price levels before – in June and December 2022.

The previous event on May 28 unlocked a similar percentage of the token’s circulating supply. In response to the unlock, AVAX price dropped 22% in under two weeks. AVAX price dropped from $14.89 on May 28 to $11.66 on June 12 and hit its June low of $10.04 on June 12. If the trend repeats, which is likely due to a similar volume of tokens and distribution, AVAX price could plummet lower. At the time of writing, AVAX price trades at $10.20.

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