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

The cryptocurrency market anticipates over $312 million in token unlocks between November 3 and November 10. Ethena (ENA) and MEME are scheduled for the largest releases this week, with significant unlocking events that have the potential to impact liquidity and cause short-term price fluctuations across various digital assets.

Ethena (ENA) Leads the Unlock Events at the Cliff

The highest valued token unlock this week is Ethena (ENA), with 171.88 million ENA set to be released on November 5. The market value of this unlock is approximately $61.54 million. This release represents 2.52 percent of ENA's circulating supply and 1.15 percent of its total supply of 15 billion tokens.

This unlock follows a recent release of 40.63 million tokens from the Ethena Foundation and is part of a history of periodical cliff events. The current unlock is primarily aimed at core and initial investors, which could increase readily available liquidity. Given that ENA serves as a governance token in the Ethena ecosystem, this event has broader market applicability.

ENA's utility within its ecosystem means that its supply growth can influence trading activity, depending on demand. The native token of Ethena also supports its synthetic dollar protocol, including its stablecoin, USDe.

MEME Unlock Targets Distribution Community-Based

On November 3, MEME will release 3.45 billion tokens, valued at $5.15 million, which constitutes 5.98 percent of its supply. While this unlock is large in scale, its dollar value is lower than ENA's. The unlocked tokens are designated for airdrops and are not intended for immediate circulation but rather to foster user engagement.

As a community-driven meme token with no underlying utility, MEME's focus is on speculative market action. Although the unlock percentage is high, the project's airdrop strategy may limit direct selling pressure. MEME's increased online presence could potentially impact short-term trading and volume.

This unlock occurs amidst fluctuating market directions, adding to the uncertainty surrounding MEME's short-term price trajectory. The team's emphasis on community rewards and viral engagement might drive speculative activity in the short term.

MOVE Unlock Highlights Development of Web3

The third-largest cliff unlock will release 50 million MOVE tokens on November 9, valued at $3.2 million. This release accounts for 0.5 percent of MOVE's total supply of 10 billion tokens. The current circulating supply is also relatively low at 2.8 billion, making it more sensitive to new token inflows.

The platform is built on Meta's Move language and focuses on secure and scalable blockchain applications. Its unlocking aligns with its development schedule and project progression. Compared to MEME or ENA, MOVE's focus is on ecosystem growth and infrastructure development.

This unlock could also affect trading, as MOVE is relatively illiquid despite its smaller size. Its timely launch supports the ongoing development efforts of its creators and the expansion of the network. This strategic release may help mitigate market impact more effectively.

Other Unlocks and Implications on the Market

The combined value of cliff unlocks from ENA, MEME, MOVE, and others exceeds $78 million. Additional significant unlocks are expected for tokens such as BB, RED, and MAVIA. Meanwhile, linear unlocks are led by Solana, with $92.2 million worth of tokens being released.

Linear unlocks from Dogecoin, Worldcoin, and others are also contributing to the increased supply this week. These gradual releases, in contrast to cliff unlocks, offer more predictable supply growth. The total token unlocks valued at $312 million could influence market liquidity and price movements, depending on the intensity of demand.