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 $JTO (103.32%) – $496.71m $NEON (44.92%) – $21.15m $ADA (0.05%) – $19.44m $TAIKO (11.38%) – $17.47m $ENA (0.45%) – $9.17m $HFT (2.87%) – $3.11m.( % of cir. supply) pic.twitter.com/K2IoEq7YPr — 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.ai , December 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
