Axie Infinity token under pressure amid $215m unlock

The price of the AXS token has decreased following the news of the soon-to-be unlocking dates.

Axie Infinity could face selling pressure as $215m worth of AXS tokens owned by insiders and early investors are expected to unlock.

Axie Infinity co-founder and chief operating officer Aleksander Larsen announced the unlocking is projected to take place on October 26.

Around 21.5 million tokens totalling 8% of the overall supply were reportedly freed up prior to the end of the vesting period that expired yesterday.

Once the tokens unlock, half will be split into three amounts. Roughly $57m will be directed to members of the developer team, $25m will go to advisors and $20m to early investors in a private sale round, according to the TokenUnlocks dashboard.

The other half, around 11 million tokens, will go toward play-to-earn rewards, future staking rewards and ecosystem funds.

“With the upcoming $AXS token unlock there is a lot of misinformation that should be clarified. First, tokens unlocked are not the same as tokens in circulation”, said Larsen in a Twitter post.

“According to the unlock schedule, there could be 151m in the market, but there are only 102m in circulation”.

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Written by Isabella Aslam


Isabella is an experienced writer in B2B and B2C journalism. Alongside crypto, Isabella writes and discusses the topics of relationships and psychology. Isabella holds a first-class degree in music journalism and often interviews electronic artists and DJs.

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