Certain big names in the altcoin market are gearing up for an influx of tokens as a wave of token unlocks is approaching. According to data provided by Tokenomist, a notable number of major altcoin projects are set to experience a surge in circulating supply during the first week of December.
This upcoming wave involves an estimated $578 million worth of tokens being released into the market. Interestingly, a detailed look into various unlocking schedules shows that this is part of a total of $3.5 billion worth of token unlocks in December.
Major Altcoin Unlocks Scheduled For Early December
The first week of December is set to witness a significant wave of token unlocks across the altcoin market, totaling an impressive $574.8 million. These weekly cliff unlocks, scheduled between December 2nd and December 8th, will introduce substantial new liquidity into the market, which might threaten the brewing altcoin rally.
Among the highlights, Solana-based JTO leads the pack with a staggering $496.71 million worth of tokens to be unlocked, representing a remarkable 103.32% increase in its circulating supply. Cardano's ADA, a more established token, will see a modest release of $19.44 million, reflecting just 0.05% of its total supply. Although this is one too look at, it is very likely to be easily absorbed by the current buying momentum surrounding ADA.
NEON follows with $21.15 million in unlocks, marking a 44.92% addition to its supply. Other noteworthy unlocks include TAIKO with $17.47 million (11.38%), ENA with $9.17 million (0.45%), and HFT with $3.11 million (2.87%).
Weekly Cliff Unlocks: 2 – 8 Dec '24
$574.8m +
Unlock Highlights
— Tokenomist (prev. TokenUnlocks) (@Tokenomist_ai) November 29, 2024
How Will These Unlocks Impact Crypto Prices?
When previously locked tokens are released, they become available for trading on the open market, often leading to a sudden increase in supply. This influx can create downward pressure on prices, particularly if a significant portion of holders opt to sell immediately.
According to data from Tokenomist.aiDecember is poised to see additional noteworthy token unlocks beyond those already highlighted. Among these, Hyperlink (HYPE) stands out with a staggering $1.48 billion worth of tokens set for release.
Given its current market capitalization of $2.297 billion, the injection of such a substantial supply into the market could have a pronounced impact on its price, especially if a large number of holders decide to sell their unlocked tokens.
Sui (SUI) is another notable altcoin on the list, with $218.26 million worth of tokens, equivalent to 2.3% of its total supply, scheduled for release. Additionally, Optimism (OP) will see $73.34 million worth of tokens unlocked.
Featured image from Pexels, chart from TradingView
