Some big names in the altcoin market are gearing up for a token influx as the token opening wave approaches. According to data provided by Tokenomist, a notable number of major altcoin projects are set to see an increase in circulating supply during the first week of December.
This next wave includes an estimated $578 million worth of tokens that will be released to the market. Interestingly, a detailed look at the various unlock tables shows that this is part of the total $3.5 billion in token unlocks in December.
The major altcoins are scheduled to launch in early December
The first week of December is set to see a huge wave of token openings across the altcoin market, with an impressive total of $574.8 million. These weekly cliff opens, scheduled between December 2nd and 8th, will provide significant new liquidity to the market, which could threaten… An altcoin spike is brewing.
Among the highlights, Solana-based JTO leads the pack with a staggering $496.71 million in tokens to be unlocked, representing a notable 103.32% increase in circulating supply. Cardano’s ADA, a more established coin, will see a modest $19.44 million in issuance, reflecting just 0.05% of the total supply. Although this is something that has also been looked at, it is very likely that it will be easily absorbed by the current buying momentum surrounding ADA.
NEON follows with $21.15 million in openings, representing a 44.92% addition to the supply. Other noteworthy opens include TAIKO with $17.47 million (11.38%), ENA with $9.17 million (0.45%), and HFT with $3.11 million (2.87%).
Weekly Abyss Unlock: December 2 – 8, 2024
$574.8 million+
Unlock highlights
$United Nations (103.32%) – $496.71m$neon (44.92%) – $21.15 million$ada (0.05%) – $19.44 million$Taiko (11.38%) – $17.47 million$this (0.45%) – $9.17 million$haft (2.87%) – $3.11 million. (% of width) pic.twitter.com/K2IoEq7YPr
— Tokenomist (formerly TokenUnlocks) (@Tokenomist_ai) November 29, 2024
$574.8 million+ How will these operations affect cryptocurrency prices?
when Previously locked tokens are released, They become available for trading on the open market, often resulting in a sudden increase in supply. This influx can create downward pressure on prices, especially if a large portion of bondholders choose to sell immediately.
According to data from Tokenomist.aiDecember is expected to see additional noteworthy token openings beyond those already highlighted. Among these tokens, Hyperlink (HYPE) stands out with a staggering $1.48 billion worth of tokens ready for issuance.
Given its current market capitalization of $2.297 billion, injecting such a large supply into the market could have a clear 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 the total supply, scheduled to be issued. Additionally, Optimism (OP) will see $73.34 million worth of tokens opened.
Featured image from Pexels, chart from TradingView
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