Ethena (ENA) and MEME Lead $312 Million Token Unlocks This Week

The cryptocurrency market expects more than $312 million in token unlocks within the period of November 3 and November 10. Ethena (ENA) and MEME are the top scheduled releases, which are the biggest events of unlocking cliffs of the week. These unlocks have the potential to affect liquidity and cause short-term price fluctuations on a number of different digital assets.

Ethena (ENA) Leads the Unlock Events at the Cliff

The highest valued token unlock this week is Ethena (ENA), 171.88 million ENA is going to be released. The unlock date will be on November 5, and the market value will be about $61.54 million. This issue indicates 2.52 per cent of the circulating supply of ENA and 1.15 per cent of the total supply (15 billion) of tokens.

The release is preceded by a recent 40.63 million token unlock of the Ethena Foundation, and a history of periodical events of cliff. The present unlock is aimed at core investors and initial investors, which may raise the ready liquidity. Given that ENA is a governor in the Ethena ecosystem, the event has a wider market applicability.

ENA is useful to its ecosystem, its supply growth can affect the trading activity depending on demand. The native token of Ethana also supports its synthetic dollar protocol, such as the support of USDe, its stablecoin.

MEME Unlock Targets Distribution Community-Based

On November 3, MEME will issue 3.45 billion tokens with the value of 5.15 million, and this will constitute 5.98 percent of its supply. This unlock is of large scale yet the dollar value is lower than ENA. The unlocked tokens are used in airdrops and do not target the instant circulation but the user engagement.

The fact that Meme is a community-driven token of memes, which has no underlying utility, focuses on the focus of speculative market action. The unlock percentage is high, the airdrop strategy of the project can restrict the direct pressure of selling. The increased online presence of MEME has the potential to impact short-term trading and volume.

The unlock has been implemented in the context of fluctuating market directions, which further increases uncertainty regarding the short-term price of MEME. The emphasis on community rewards and viral engagement of the team might have short-term speculative activity. 

MOVE Unlock Highlights Development of Web3

The third-largest cliff unlock will unlock 50 million tokens on November 9 and will be worth $3.2 million (MOVE). This issue is 0.5 percent of the total amount of MOVE of 10 billion tokens. The supply in circulation is also rather low (2.8 billion), which makes it more sensitive to the inflow of new tokens.

The platform is constructed on the Move language of Meta and is specialized in the secure and scalable blockchain applications. Its unlocking is in line with the development schedule, and project development. Compared to MEME or ENA, MOVE focuses on growth of the ecosystem and development of infrastructure.

The unlock is also capable of affecting trading because MOVE is illiquid despite being small in size. Its timely launch justifies ongoing development of the developers and expansion of the network. This judicious solution can assist in reducing the impact of the market in a greater way.

Other Unlocks and Implications on the Market

The cumulative sum of cliff unlocks of ENA, MEME, MOVE among others amounts to more than 78 million dollars. There will also be major unlocks on other tokens like BB, RED and MAVIA. In the meantime, linear unlocks are headed by Solana, and tokens worth $92.2 million are released.

Dogecoin and Worldcoin linear unlocks and others add to the increases in supply of the week. These step-by-step releases are contrary to cliff unlocks, which offers more predictive supply growth. The token unlocks of the value of $312 million can influence the liquidity and the price movement based on the intensity of demand.

This article was originally published as Ethena (ENA) and MEME Lead $312 Million Token Unlocks This Week on Crypto Breaking News – your trusted source for crypto news, Bitcoin news, and blockchain updates.