August Token Unlocks Worth Over $605 Million to Hit the Crypto Market
The second week of August will see a significant increase in token unlocks across several major projects. According to CryptoRank, over $605 million worth of tokens will be released between August 15 and 16.
YZY, the cryptocurrency associated with rapper Ye (formerly known as Kanye West), will unlock 120.83 million tokens on August 16, valued at around $35.22 million. This represents approximately 22.83% of the released supply.
The team behind YZY plans to allocate 100 million tokens to Yeezy Investments LLC, Vesting 3, and another 12.5 million tokens to Vesting 1. Additionally, 8.33 million tokens will be directed to Vesting 2.
Connex, a permissionless Web3 professional network, will unlock 1.32 million CONX tokens into the market on August 15, worth approximately $11.55 million. This represents around 1.43% of the released supply.
The team behind Connex plans to allocate around 822,500 CONX to the ecosystem and another 500,000 tokens to the community treasury.