• Advertise
  • Submit a Press Release
  • About Us
NewsBTC
Bitcoin & cryptocurrency news
Sensei Inu Logo
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
    • Research
    • Gambling
      • Crypto Casinos
      • Real Money Casinos
    • Casinos not on Gamstop
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Learn
    • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
    • Categories
  • Events
  • Play GamesTry
  • Win 8.88 BTCTry
  • Play Casino GamesTry
  • Play FinanceTry
No Result
View All Result
Breaking News: Fed Holds Interest Rates Steady, Bitcoin Awaits Trend Reversal Above $27,000
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
    • Research
    • Gambling
      • Crypto Casinos
      • Real Money Casinos
    • Casinos not on Gamstop
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Learn
    • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
    • Categories
  • Events
  • Play GamesTry
  • Win 8.88 BTCTry
  • Play Casino GamesTry
  • Play FinanceTry
No Result
View All Result
Bitcoin News
No Result
View All Result
Breaking News: Fed Holds Interest Rates Steady, Bitcoin Awaits Trend Reversal Above $27,000
Axie infinity
Sensei Inu Logo

$185 Million Worth Of AXS Tokens Set To Be Unlocked, Time To Get Out Of Axie Infinity?

Best Owie by Best Owie
11 months ago
in Altcoin
Reading Time: 3 mins read

Axie Infinity (AXS) is the leading play-to-earn ecosystem in the crypto space and has continued to maintain this title since its release. Its native cryptocurrency, AXS, has seen its price take a hit in the market since the bear market began alongside other digital assets in the space. However, it seems that the decline in the price of AXS is not at its end as more tokens are set to be released into circulation on Monday, 24 October.

21.5 Million Tokens Are Coming

Just like a lot of other projects in the crypto space, Axie Infinity (AXS) also uses a vesting schedule where tokens are unlocked at specific times. This is in part to control the amount of supply of tokens in the market and to ensure the digital asset remains valuable.

The most recent unlock event for Axie Infinity is actually happening on Monday which will see more than 21.5 million tokens being put into circulation. AXS’s current circulating supply is at 103 million and the token unlock will account for approximately 8% of the entire supply of AXS. The total value of the 21.5 million tokens being unlocked is $185.3 million given current prices. 

Related Reading: Finder’s Panel Predicts 11% Growth For Bitcoin By Year-End

All of the tokens being unlocked on Monday will also follow the established allocation which ranges from team to staking rewards. Of the total 21.5 million, 26.6% (5.7 million) will be sent to the team. This comes out to around $57 million of the total value. Advisors and investors in the private sale round will see a combined $45 million go to them.

Axie Infinity (AXS) token unlock

8% of AXS supply set to be unlocked | Source: Token Unlocks

The remainder of the tokens, which is about half of the upcoming token unlock, will be going towards servicing the Axie Infinity ecosystem. This will be in the form of staking rewards, play to earn rewards, and other ecosystem funds.

Time To Get Out Of Axie Infinity?

Just like any asset, Axie Infinity also operates within the laws of supply and demand. The price of the digital asset is already on the decline due to the ongoing crypto market and more token supply in the market is not going to help its price. This has understandably led to concerns among investors in the token.

Axie Infinity (AXS) price chart from TradingView.com

AXS trending at $8.6 | Source: AXSUSD on TradingView.com

Given this, co-founder and COO of Axie Infinity Aleksander Leonard Larsen took to Twitter to explain that the unlock does not mean all of the tokens are going into circulation. Larsen explains that the unlocked tokens from staking, P2E, advisors, and the ecosystem fund will not be unlocked at once. But rather, “they follow a separate issuance schedule which is more flexible and can be tailored to user numbers.”

Related Reading: Avalanche (AVAX) May Be Down, But It’s Not Out, Here’s Why

This does remove a considerable amount of supply that would otherwise flood the market. However, there are still tokens going out to private investors ($20 million), who can choose to dump their tokens on the market whenever they wish.

Selling pressure on AXS has been mounting due to this expected new supply. In the last seven days, the price of the cryptocurrency has declined more than 21% and is down 2.20% in the last 24 hours at the time of this writing to be trading at $8.65, according to data from Coinmarketcap.

Featured image from CoinGeek, chart from TradingView.com

Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet…

Tags: Axie InfinityAXSAXS PriceAXS token unlockAXSUSDAXSUSDTToken unlockToken vesting
Tweet123Share196ShareSend
Best Owie

Best Owie

Best Owie is a seasoned managing editor with a wealth of experience currently serving as the Managing Editor at NewsBTC. Best is a highly skilled professional with a track record of producing engaging and informative content. With a keen eye for detail and a passion for accuracy, Best is committed to ensuring that each article published meets the highest standards of quality. Best has over six years of experience in the crypto industry and has overseen the creation and publishing of thousands of articles over the years. When not curating engaging content, Best can be found reading a book with a cup of hot chocolate, enjoying a Netflix series, or exploring the outdoors. Best is a true professional in every sense of the word with an exceptional dedication to producing high-quality work.

Related Posts

IMX

Immutable (IMX) Up By 23% In A Single Day, Analyst Suspects Market Manipulation

5 days ago
$18.7 Million In SUI Set To Flood The Market

Brace For Impact: $18.7M In SUI Set To Flood The Market, What To Expect?

4 weeks ago
Worldcoin Kenya

Kenya’s 17-Member Committee Officially Kicks Off Investigation Into Worldcoin

1 month ago
XRP Whale

XRP Whales Accumulate, Can Price Recover Now?

1 month ago
Algorand Records New All-Time Low

Sei Takes A Hit: Price Suffers 26% Plunge Amid Airdrop Claim Expansion

1 month ago
SEI

SEI Token Breaks Into Top 100 One Day Post-Debut On Major Exchanges

1 month ago

Premium Partners

Play Finance

Top Casinos

BitStarz

BitStarz

Review · Visit
Punt Casino

Punt Casino

Review · Visit
Trust Dice

Trust Dice

Review · Visit
mBit

mBit

Review · Visit

Press Releases

  • Solana Remains Stable, Bitcoin Cash, and Borroe.Finance...

    2 hours ago
  • Best Trading Sessions in Nigeria Time According to Analysts

    5 hours ago
  • Cosmos and Axie Infinity Holders Accumulating Kangamoon...

    6 hours ago
  • Eureka Partners Fortifies Its Stance in Blockchain and...

    7 hours ago
  • Imagine Buying Bitcoin at 20 cents! Gold Coin on the rise

    7 hours ago

About Us

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

Company

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

© 2023 NewsBTC. All Rights Reserved.

  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
    • Research
    • Gambling
      • Crypto Casinos
      • Real Money Casinos
    • Casinos not on Gamstop
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Learn
    • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
    • Categories
  • Events
  • Play Games
  • Win 8.88 BTC
  • Play Casino Games
  • Play Finance

© 2023 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.