Date: Sun, Nov 03, 2024, 12:12 PM GMT
Last week, the cryptocurrency market saw a whirlwind of activity. Bitcoin (BTC) nearly touched its all-time high at $73,620 before sliding back to $68,500, a move that rippled across the market, affecting many altcoin prices. Celestia (TIA), in particular, made headlines with an $839 million token unlock, which sent its price down 13% over the past week to $4.55.
This week, the market is eyeing another wave of unlocks, with Ethena (ENA), Eigenlayer (EIGEN), and Xai (XAI) collectively releasing over $46 million worth of tokens. According to Tokenomist, these token unlocks, scheduled between November 4 and November 10, could influence the circulating supply and price action for these projects.
Key Token Unlocks to Watch
1. Ethena (ENA) – November 6
Ethena, a re-staking platform, is set to unlock 12.86 million $ENA tokens valued at $4.73 million, representing 0.47% of its circulating supply. These tokens will be distributed to the community, which could lead to fluctuations in price based on market demand.
2. EigenLayer (EIGEN) – November 5
Another re-staking platform, EigenLayer, plans to release 1.29 million $EIGEN tokens worth approximately $3.57 million. This release, representing 0.69% of Eigen’s circulating supply, is expected to slightly impact the token’s liquidity and potentially its price.
3. Xai (XAI) – November 9
Xai, a pioneer in Layer 3 technology for indie gaming, will unlock 35.88 million $XAI tokens, valued at around $7.14 million. This release amounts to 4.9% of XAI's circulating supply, which is a larger percentage than ENA and EIGEN, making it a more significant event that could have notable price implications.
Source: Tokenomist (X)
Other Notable Token Unlocks
Cardano (ADA): Set to unlock tokens worth $6.32 million on November 6, amounting to 0.05% of its circulating supply.
Neon EVM (NEON): A significant unlock is scheduled for November 7, with $20.85 million worth of NEON tokens being released—equivalent to 44.92% of its circulating supply, which could cause volatility.
This influx of tokens could increase supply-side pressure on each project's market price. Investors and traders will be closely monitoring the market this week to see how these releases impact token prices and overall market sentiment.
Get more updates at: coinsprobe.com
Disclaimer: This article is for informational purposes only and not financial advice. Always conduct your own research before investing in cryptocurrencies.
