Some big names in the altcoin market are bracing for a token influx as a wave of token unlocks approaches. According to data provided by Tokenomist, a notable number of major altcoin projects are expected to see an increase in circulating supply during the first week of December.
This upcoming wave involves the release of tokens worth an estimated $578 million to the market. Interestingly, a detailed look at the various unlock schedules shows that this is part of a total of $3.5 billion in token unlocks in December.
Major Altcoin Unlocks Set for Early December
The first week of December is expected to witness a significant wave of token releases in the altcoin market, totaling an impressive $574.8 million. These weekly unlocks, scheduled between December 2 and 8, will introduce substantial new liquidity to the market, which could threaten the altcoin’s nascent rally.
Among the highlights, Solana-based JTO leads the pack with a staggering $496.71 million worth of tokens to unlock, 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. While this is something to consider as well, it is very likely to be easily absorbed by the current purchasing dynamics around ADA.
NEON follows with $21.15 million in releases, an addition of 44.92% to its supply. Other notable releases include TAIKO with $17.47 million (11.38%), ENA with $9.17 million (0.45%), and HFT with $3.11 million (2.87%). .
Cliff’s Weekly Unlocks: December 2-8, 24
– Tokenomist (previously TokenUnlocks) (@Tokenomist_ai) November 29, 2024
Cliff’s Weekly Unlocks: December 2-8, 24
$574.8 million + 
Unlock Strengths What impact will these unlocks have on cryptocurrency 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 choose to sell immediately.
According to data from Tokenomist.ai, December is poised to see notable additional token unlocks beyond those already highlighted. Among these, Hyperlink (HYPE) stands out with a staggering $1.48 billion in tokens scheduled for release.
Given its current market capitalization of $2.297 billion, injecting such a large 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, or 2.3% of its total supply, scheduled for release. Additionally, Optimism (OP) will see $73.34 million in tokens unlocked.
Featured image from Pexels, chart from TradingView
