Key Token Unlocks This Week: ENA, ID, and YGG to Release Over $105M Worth of Tokens

Date: Sun, Oct 20, 2024, 07:05 AM GMT

The crypto market is riding high, with Bitcoin (BTC) trading above $68,000 and inching closer to the $70,000 mark. This surge has carried major altcoins along, as many are also posting impressive gains. However, investor attention is shifting to a series of token unlocks scheduled between October 21 and October 27, which will release over $105 million worth of tokens into circulation. These events are closely watched, as they often bring market volatility, offering both risks and opportunities.

Ethana (ENA)

On October 23, Ethana (ENA), a popular re-staking platform, will unlock 12.86 million ENA tokens, representing 0.47% of its circulating supply. These tokens are worth approximately $5.05 million. ENA has already surged by 20% in the past week, so traders are curious to see if the token can sustain its upward momentum or if the influx of new tokens will lead to a pullback.

Space ID (ID)

Space ID will release 18.49 million ID tokens, amounting to 4.29% of its supply, on October 22. The value of these tokens totals around $6.96 million. Token unlocks often spark short-term price fluctuations, and the market's reaction will reveal whether demand is strong enough to absorb the fresh liquidity without triggering a significant drop in ID's price.

Yield Guild Games (YGG)

On the same day, October 22, Yield Guild Games (YGG) will unlock 14.08 million YGG tokens, accounting for 3.64% of its supply. These tokens are valued at approximately $6.89 million. Gaming-related tokens have performed well recently, with YGG climbing 19% over the past seven days. This unlock event could determine whether the rally continues or if some of these gains are reversed.

Source: Tokenomist (X)

Other Token Unlocks to Watch

• Cardano (ADA) will unlock tokens worth $6.42 million on October 22, though this only represents 0.05% of its circulating supply.
• Meanwhile, Solidus Aitech (AITECH) will release $7.46 million worth of tokens, representing 6.96% of its supply, on October 25.

What Token Unlocks Mean for the Market

Token unlocks increase the circulating supply of a cryptocurrency, which can lead to downward pressure on prices if demand fails to keep up. However, with the market currently in a bullish phase, there is a chance that the new liquidity will be absorbed smoothly without causing significant disruptions. Investors should remain cautious, as sudden price movements during unlock events can create opportunities but also risks.

Disclaimer: This article is for informational purposes only and does not constitute financial advice. Always do your own research before making investment decisions.

Also Read: Apecoin (APE) Surges Higher Following the Launch of Apechain: What Does it Means?