The entire crypto market is buzzing with activity, with most of the coins trading in green. Last week, SOL hit a new all-time high, Bitcoin surpassed $99,800, and several other coins broke milestones with some setting new records. This week, several major coins are set to unlock additional tokens into supply which could affect the current bullish trend of the coins. This article unveils tokens that are scheduled to unlock this week, providing traders an opportunity to anticipate potential price movements.
EIGEN
On November 26, EigenLayer (EIGEN) will release 1.29M EIGEN, worth $3.40M, into circulation. At the time of publication, EIGEN has a price of $2.64, market cap of $492.51M and a volume of $164.54M, which has declined by more than 40%.
ADA
Cardano price has increased by more than 27% in a single day, reaching $1.10. The coin’s market cap has climbed to $38.46B, while the trading volume skyrocketed by 130% in the last 24-hours, reaching $7.88B. On the 26th of November, about 18.53M ADA (0.05%) worth $20.33M will be released into circulation.
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ENA
On the 27th of November, Ethena will release 12.86M ENA which is about 0.45% of circulation supply. These tokens are worth $8.48M. ENA is trading at $0.654 at the time of writing. ENA has a 24-hour volume of $464.39M and a market capitalization of $1.86B.
FET
The Artificial Superintelligence Alliance had its volume increased by more than 31%, reaching $468.01M. Its market cap also grew by 5.85%, now standing at $3.28B, while the coin’s value has risen to $1.35, at press time. About 0.13% (3.45M FET) of the circulating supply worth $4.62M will be unlocked on the 28th of November.
IMX
According to CoinMarketCap, The Immutable network has a value of $1.54 at the time of writing. It has a market cap of $2.57B and the total volume has surged by 14.86%, reaching $133.95M. On the 29th of November, the coin will unlock 1.47% of circulating supply which corresponds to 24.52M IMX worth $37.27M.
OP
Optimism (OP) is about to unlock 31.34M OP ($70.21M), approximately 2.5% of the circulation supply, on the 30th of November. The coin has already unlocked 31% of its token supply and has a market value of $2.23 at press time. OP has a market cap of $2.79B and a total volume of $1.02B.
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1INCH
The 1inch Network, at press time, is trading at a price of $0.3646, an increase of 6.91% in one day. The coin’s total volume has increased by 38.22%, reaching $66.42M and has a market cap of $466.32M. 1INCH is about to unlock 98.74M 1INCH which is worth $36.11M on November 30. The coin has already unlocked 86% of the supply. With the additional supply of 7.72%, the total unlocked would reach more than 90% of circulation supply.
Conclusion
Token unlocks play a critical role in shaping the dynamics of the cryptocurrency market. Since cryptocurrency prices are driven by supply and demand, the sudden release of tokens into circulation can significantly impact liquidity, market sentiment and even their value. For traders, staying informed about upcoming token unlocks is essential to navigate the market effectively and make well-informed decisions.
