Crypto Token Unlock: Bearish Concerns Ahead of SOL, DOGE, AVAX Release

Crypto Token Unlock This Week Sparks Market Volatility

A new wave of crypto token unlock is set to hit the market, with over $411 million worth of digital assets scheduled for release this week. Tokens like SOL, WLD, DOGE, and AVAX are among those scheduled for substantial daily linear unlocks, releasing over $1 million worth of assets. Analysts and market experts are keenly observing these events as they could significantly impact token prices, liquidity, and overall sentiment.

Major Cryptocurrency Unleash to Shake Prices

Notably, about $411 million in cryptocurrencies are scheduled to be unlocked in the next seven days, with Solana, Worldcoin, Dogecoin, and Avalanche gaining attention. As per Tokenomist data, these altcoins will together unleash 135 million coins, worth $167 million.

Significantly, this week’s crypto token unlock may ignite a major cryptocurrency market crash. As a flurry of assets is unleashed, the industry is expected to experience significant price volatility and potential selling pressure. 

The major daily crypto token unlock events this week include:

Solana

According to Tokenomist, Solana is ready to unleash 506.47k coins, worth $92.65M, representing 0.09% of its total circulation. As of now, Solana has a circulating supply of 540.07M SOL. With a market cap of $97.73, Solana remains secure in the top 6th position on CoinMarketCap.

At press time, the altcoin is valued at $180.95, down 6% in a day. However, over the past 30 days, SOL has seen a marginal increase of 2.5%. The trading volume has also jumped by a notable 50% over the last 24 hours. Notably, this development follows Solana DeFi TVL's recent surge to its highest point in three years.

Worldcoin

Reportedly, Worldcoin will release 37.23 million coins worth $35.78M this week through linear daily crypto token unlock. This constitutes 1.98% of its circulating supply. As of now, Worldcoin has unleashed 3.75 billion WLD, constituting 37.46% of its total supply of 10 billion. Currently, WLD holds 1.88B coins in circulation.

The altcoin is ranked 54 on CoinMarketCap with a capitalization of $1.78B. Priced at $0.9508, the crypto is down by 5.5% over the last day, 10.8% over the last week, and 16.5% over the last month. Despite this dip, the alternative asset's 24-hour trading volume is up by 54%, currently at $189 million.

Dogecoin

Dogecoin is expected to unlock 96.54 DOGE, valued at $21.66M. This represents 0.06% of its total 150.56 billion DOGE in circulation. With a capitalization of $33.53 billion, Dogecoin ranks as the 8th largest cryptocurrency and holds the top spot among memecoins. As of press time, the memecoin is valued at $0.227, down4.5% in a day and 11.3% in a month.

Avalanche

Avalanche will be releasing 700K AVAX, worth $16.75M, representing a minor 0.17% of its total circulating supply. So far, AVAX has unleashed 507M coins that comprise more than 70% of its total circulating supply of 422.27M. Currently, the cryptocurrency is priced at $23.61, marking a dip of 3.6% in a day despite a marginal 0.37%hike over the past month.

Historically, such large-scale crypto token unlock events have put downward pressure on prices. However, the price reaction often depends on investor sentiment, overall liquidity, and other similar factors. This massive crypto token unlock this week will put the cryptocurrency industry to the test. With millions of dollars' worth of assets flooding the market, prices may fluctuate wildly, and investors may need to adapt quickly to changing market conditions.