Upcoming Token Unlocks to Influence the Altcoin Market
As the altcoin market braces for a notable shift, significant developments are on the horizon with a series of token unlocks poised to introduce a substantial amount of cryptocurrency into circulation. According to insights from Tokenomist, several major altcoin projects are on the verge of witnessing an increase in their circulating supply during the early days of December.
The anticipated wave of releases is projected to inject approximately $578 million worth of tokens into the market. This is just a fraction of the overall $3.5 billion in token unlocks expected throughout December, indicating a month of substantial liquidity changes.
Noteworthy Altcoin Token Releases Set for December
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The first week of December is set to be pivotal for the altcoin market with a surge of token unlocks valued at approximately $574.8 million. These releases, scheduled between December 2nd and December 8th, promise to introduce significant liquidity that could potentially challenge the ongoing altcoin rally.
Significant Unlocks and Their Impact
Leading the upcoming releases is the Solana-based JTO, with an impressive $496.71 million worth of tokens set to be unlocked, marking a substantial 103.32% increase in its circulating supply. Meanwhile, Cardano’s ADA, a more established token, will see a modest release of $19.44 million, accounting for only 0.05% of its total supply, which is likely to be absorbed by current market dynamics.
NEON is next, with $21.15 million in tokens to be unlocked, representing a 44.92% increase in supply. Other notable unlocks include TAIKO with $17.47 million (11.38%), ENA with $9.17 million (0.45%), and HFT with $3.11 million (2.87%).
Potential Impact on Cryptocurrency Prices
The release of previously locked tokens into the open market often results in a sudden supply surge, which can exert downward pressure on prices, especially if a significant number of holders decide to sell immediately.
According to Tokenomist.ai, December will see additional significant token unlocks beyond those already mentioned. Hyperlink (HYPE) is notable with a staggering $1.48 billion worth of tokens scheduled for release. Given its current market capitalization of $2.297 billion, this influx could significantly affect its price if a substantial portion is sold.
Another altcoin to watch is Sui (SUI), with $218.26 million worth of tokens, equating to 2.3% of its total supply, set for release. Optimism (OP) will also see a release of $73.34 million worth of tokens, contributing to the dynamic shifts in the market.
