Kanye West’s YZY token is preparing for its biggest token unlock to date, after its price dropped by approximately 90 percent from its all-time high. According to OnchainLens data, a total of
Kanye West’s YZY token is preparing for its biggest token unlock to date, after its price dropped by approximately 90 percent from its all-time high.
According to OnchainLens data, a total of 120.83 million YZY tokens will be unlocked on August 16th. This amount, worth approximately $35.26 million, corresponds to 12.08% of YZY’s total supply of 1 billion tokens.
This transaction will be the largest token unlocking ever for YZY. The introduction of such a large new supply raises concerns that it could increase selling pressure on the token, especially given current liquidity and demand conditions.
It is stated that the supply increase in YZY will not be limited to the unlocking on August 16th. According to the current schedule, approximately $8.51 million worth of YZY tokens are expected to be unlocked each month until July 2027.
On the other hand, the YZY price has lost approximately 89.9% of its value compared to its previous all-time high of $2.95. According to current data, the project’s market value is approximately $87 million.
*This is not investment advice.
Continue Reading: Controversial Altcoin Set to See Its Largest-Ever Token Unlock Tomorrow
