Unlocked Tokens Worth $369 Million Are on the Horizon This Week.
Crypto Unleashed: A Massive $369 Million Token Unleashing Storm
The crypto market is all set for a whirlwind week, with blockbuster token unlocks. Leading the charge are Ethena (ENA) and TAIKO, leaving Solana trailing behind with planned linear unlocks.
Majors Players in the Game
According to the numbers, Ethena is slated to cast 212.5 million tokens into the ring, valued roughly around $65.8 million. This colossal unlock representing 3.72% of Ethena's total supply sets the stage as the week's grandest.
TAIKO, on the other hand, is poised to release 81.5 million tokens, valued at an approximate $47.4 million. This dump accounts for an impressive 71.23% of its locked supply. With such a substantial release, TAIKO could significantly up the ante in the project's token circulation.
Joining them on the podium is NEON, with 53.1 million tokens worth approximately $6.9 million. This unlock encompasses 6.48% of NEON's locked supply.
In total, these three circus acts are set to unleash a whopping $120.2 million worth of tokens into the market. These so-called "Cliff" unlocks could potentially fan the flames of immediate selling pressure.
Solana Serving Up Linear Unlocks
Solana is following suit with linear unlocks, releasing 465,770 tokens during the week of June 2-9. These tokens, worth approximately $73.6 million, make up a mere 0.09% of its total supply.
Alongside Solana in the linear unlock debate are Worldcoin (WLD), TAO, DOGE, TIA, AVAX, SUI, MORPHO, ETHFI, DOT, IP, and NEAR. Each is planning on contributing a piece to the unlock pie.
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The Bigger Picture
While such premeditated token immirtings can contribute to a steady expansion of the token supply, they can also breed potential selling pressure over time.
Stay tuned for more updates as we navigate these crypto waters!
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Background Insights
- The upcoming token unlocks are expected to have a significant impact on the cryptocurrency market, particularly on altcoins like TAIKO, Ethena, and NEON.
- The large, sudden increases in circulating supply could potentially lead to price declines due to overwhelmed buying demand.
- Past token unlocks have led to price drops in markets with weak demand, creating a cautious market sentiment.
- The timing of these unlocks coincides with the release of US employment data, adding to the overall uncertainty in the crypto markets.
- Projects like Solana, although not mentioned as direct participants in this week's large token unlocks, are not highlighted as a concern for this period.
- Some projects, like Fasttoken, are having their last major vesting events, signaling a reduction in future sell pressure.
- Other projects, like Layer Zero, Aptos, and Fasttoken, have upcoming token unlocks later in June, increasing the risk of dilution and price volatility for those assets.
- The magnitude of the token releases from Ethena, TAIKO, and NEON, collectively valued at around $120.2 million, is set to navigate the finance world, as these blockchain-based investments activate in the crypto market.
- As the race for market dominance continues, it's worth noting that alongside token giants like Ethena and TAIKO, technology-driven projects such as Solana, Worldcoin, TAO, DOGE, TIA, AVAX, SUI, MORPHO, ETHFI, DOT, IP, and NEAR will also contribute to the ongoing token unlocks, potentially intensifying the competition in the finance sector.
