On February 22nd, Avalanche is scheduled to release 9.54 million AVAX tokens to the public.
The activated version of the Durango update is anticipated to be released on the Fuji Testnet on February 13.
There was a minor recovery in the price of AVAX, which posted daily gains of 2.33% on Monday.
Two significant events are scheduled to take place in February 2024 on the Avalanche network. Next on the agenda is the unlocking of $344.65 million worth of tokens, which is slated to take place on February 22. The first event is the activation of the Durango update on a testnet, which is set for February 13.
The events are essential for those who have AVAX because they have the potential to affect the price of the token, which in turn has an effect on the existing supply of the asset.
occurrences of the avalanche ecosystem in February of 2024
Beginning on February 2, Avalanche Network made the code for an update to the blockchain available for pre-release. On February 13, at eleven o'clock in the morning Eastern Time, the update will become active on Fuji Testnet. It is essential to the AVAX ecosystem that the Durango update be implemented since it is focused on enhancing the scalability of Avalanche and enhancing communication across different chains.
Through the implementation of the Avalanche Warp Messaging (AWM) feature, communication will be enhanced both on-chain and between chains, resulting in a network that is more linked and robust. The flawless interoperability of protocols, which is available on Avalanche, would be beneficial to users.
The Durango update was released without any problems on the Fuji Testnet, which prepares the door for its forthcoming deployment on the mainnet.
Token unlocking for AVAX
On the 22nd of February, Avalanche is going to release 9.54 million AVAX, which is worth $345 million combined. An amount equal to 2.60 percent of Avalanche's total supply is represented by the token unlock. There is a possibility that the token unlock will have a detrimental effect on the price of AVAX if the foundation, team, and airdrop recipients decide to liquidate their Avalanche holdings.
A decrease of 9.85 percent occurred within a span of four days after the last token unlock, which took place on November 23 and was valued $198.47 million. If the past is any indication, the unlock on February 22 might bring about a decrease in the price of AVAX that is close to 10%.
As this article is being written, the price of Avalanche is $35.62. On the daily period, the price of $AVAX increased by 2.33 percent.
