The world of cryptocurrencies is ever-evolving, and one of the notable events that investors keep a close eye on are token unlocks. These events typically involve the release of tokens that had previously been locked due to various fundraising agreements. Projects strategically plan these unlocks to mitigate market impact and stabilize token values. This week is particularly significant, as there are five major token unlocks poised to captivate attention.
Cardano (ADA)
- Unlock Date: November 6
- Tokens Unlocked: 18.53 million ADA
- Current Circulating Supply: 35.74 billion ADA
Cardano continues to position itself as a leader in the blockchain space, emphasizing sustainability, security, and scalability for decentralized applications as well as smart contracts. The scheduled unlock on November 6 will see the release of over 18 million ADA tokens, which will be put towards the staking ecosystem and the treasury fund reserve. This unlock plays a crucial role in bolstering Cardano’s staking model and promoting its long-term vision for development.
Read more: How To Buy Cardano (ADA) and Everything You Need To Know
Neon (NEON)
- Unlock Date: November 7
- Tokens Unlocked: 53.91 million NEON
- Current Circulating Supply: 120 million NEON
Operating as an Ethereum Virtual Machine (EVM) project on the Solana blockchain, Neon provides a bridge enabling Ethereum-based decentralized applications to function on Solana’s highly efficient and cost-effective network. The upcoming unlock on November 7 will release approximately 53.91 million NEON tokens, representing nearly 45% of its current circulating supply, which is aimed at fortifying the project’s growth trajectory and expanding its user base.
Read more: How to Achieve EVM Compatibility in Non-EVM Blockchains
Banana Gun (BANANA)
- Unlock Date: November 8
- Tokens Unlocked: 250,000 BANANA
- Current Circulating Supply: 3.46 million BANANA
Banana Gun serves as a pioneering tool for decentralized trading, enabling users to automate their buy and sell actions, particularly during high-stake events like new token launches. On November 8, approximately 250,000 BANANA tokens will be unlocked, equating to a value of around $11.7 million. This release accounts for about 7.21% of the total circulating supply, enhancing the liquidity for traders navigating busy market conditions.
Read more: What Are Telegram Bot Coins?
Xai (XAI)
- Unlock Date: November 9
- Tokens Unlocked: 35.88 million XAI
- Current Circulating Supply: 743 million XAI
As the first Layer-3 solution designed explicitly for AAA gaming, Xai utilizes Arbitrum technology to simplify wallet management and streamline blockchain integration for gamers. On November 9, a significant unlocking of 35.88 million XAI tokens will occur, which will benefit the team, investors, reserves, and the broader gaming ecosystem, enhancing its appeal for gamers and developers alike.
Read more: The 6 Best Cryptocurrency Powered Games in 2024
Bitget Token (BGB)
- Unlock Date: November 10
- Tokens Unlocked: 5.38 million BGB
- Current Circulating Supply: 1.4 billion BGB
The native token of the Bitget exchange, BGB, offers users efficacious perks such as trading fee discounts and the opportunity to engage in exclusive platform events. The scheduled unlock on November 10 will release around $6.02 million worth of BGB tokens, accounting for a modest 0.38% of its current circulating supply, contributing positively to the exchange’s liquidity and user incentives.
Read more: BGB Unlock
Next week also sees several smaller unlocks from projects like EigenLayer (EIGEN), Ethena (ENA), and Hashflow (HFT), collectively valued at over $85 million, showcasing a vibrant landscape for token holders and investors to navigate.
Stay informed by downloading the Crypto News app for the latest updates and insights into the dynamic world of cryptocurrency and blockchain technology.
