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Qadir AK
Qadir AK
Author
Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.
- Nov 04, 2024 07:10 UTC
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Top 5 Crypto Token Unlocks This Week: $340M Set to Hit the Market!
Major token unlocks, exceeding $340 million, are expected in the next week, potentially impacting market volatility.
Projects like Neon, Banana Gun, Cardano, Solana, and Worldcoin will see significant token releases.
Early investors may take profits, and market sentiment could be negatively affected, especially for projects with weak fundamentals.
In the next seven days, the altcoin market will register major token unlocks, which every crypto trader should know and understand to avoid unnecessary traps. According to the aggregate data platform Tokenomist, total token emissions this week could exceed $340 million, and early investors will get hold of their funds.
Historical data shows that major token unlocks have resulted in heightened volatility and potential market corrections.
Understanding this week’s key unlocks will help traders prepare for possible price shifts and avoid common traps. Ready to dive in?
Top Token Unlocks for this Week
When a significant amount of tokens are released, early investors often use the opportunity to take profits, which can create selling pressure and cause redistribution to other projects. This influx of new tokens can sometimes trigger short-term bearish sentiment, impacting market stability.
Below is a breakdown of this week’s biggest token unlocks and their potential market effects.
Neon (NEON)
Between November 4 and 11, the Neon (NEON) token will release over 44% of its circulating supply, with about 53.91 million tokens valued at over $20 million entering the market. Neon, a Solana-based parallelized EVM, has seen its price fall over 90% in the past year, currently trading around $0.37 as of November 4.
This substantial unlock could apply additional downward pressure on NEON’s price.
Banana Gun (BANANA)
In the next seven days, investors of the Telegram mini app-based, Banana Gun (BANANA), will receive 250k tokens, worth over $12 million. With 7.12 percent of the BANANA token’s circulating supply about to be released, the bearish sentiment will likely persist ahead.
After an impressive 10x rally in the past year, BANANA’s price has been forming a potential reversal pattern in the higher time frame.
Cardano (ADA)
According to Tokenomist, 37 million Cardano (ADA) tokens, worth over $12 million, will be released in the coming days. With the large-cap altcoin suffering macro bearish sentiment, the upcoming token unlock will further weigh down on bearish sentiment.
Solana (SOL)
The Solana (SOL) network will see the largest token unlock of the week, with 524,000 tokens worth over $85 million set for release. However, Solana’s strong growth and adoption in the web3 ecosystem may help offset the impact of this unlock, as positive sentiment around Solana’s development remains strong.
Worldcoin (WLD)
In the next week, Worldcoin (WLD) will release 37.2 million tokens, which make up 6.16% of its total supply and are valued at over $65 million. Worldcoin has already seen its price fall over 85% in the past eight months, even as Bitcoin gained 63% year-to-date.
This unlock may add pressure to WLD’s price as more supply enters the market, potentially leading to short-term price declines.
Are You Ready for the Volatility?
With these token unlocks approaching, traders should be prepared for increased volatility across altcoins. Tracking price movements before and after each unlock can offer insights into potential market trends.
While these unlocks can trigger sell-offs, they may also open up buying opportunities at lower prices for those looking to enter the market.
Let us know your strategy for navigating this volatile period.
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