The post $340M Crypto Token Unlocks This Week: 3 Major Altcoins at Risk of Drop appeared first on Coinpedia Fintech News
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.
Moreover, token unlocks provide a decent chance for early investors to take profit and potentially distribute to other projects.
Top Token Unlocks for this Week
Neon (NEON)
In the category of large token cliff unlocks between November 4 and 11, the Neon (NEON) token will see more than 44 percent of its circulating supply released to the market. Investors of the Solana-based parallelized EVM will receive 53.91M tokens, worth over $20 million.
The major unlock will weigh down on NEON price, which has dropped over 90 percent in the past year to trade at about 37 cents on Monday, October 4.
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 register the highest token linear unlocks in the coming seven days amounting to 524k coins, worth over $85 million. The Solana network will however likely absorb the token unlocks comfortably amid its rising adoption of the web3 ecosystem.
Worldcoin (WLD)
In the coming seven days, 37.2 million Worldcoin (WLD) tokens, which represent 6.16 percent of the total supply and are worth over $65 million, will be released to the secondary market. The notable WLD token unlocks will further hammer the existing buyers into short-term depression.Â
Moreover, WLD coin has dropped over 85 percent in the past eight months, while Bitcoin price has rallied over 63 percent YTD.
