- dYdX and Ethena have token unlocks of over $70 million and $45 million respectively scheduled for May 1
- Sui and Memecoin cliff unlocks are set for May 3
- AEVO and PYTH will see token unlocks exceeding $1.2 billion (at current prices) in May.
dYdX (DYDX), Sui (SUI) and Memecoin (MEME) are all trading in the red on Tuesday, down between 2% and 5%. Meanwhile, Ethena (ENA), which launched on exchanges recently, is defying the broader market with more than 6% gains in the past 24 hours.
These projects, according to details from TokenUnlocks, have cliff token unlocks lined up for early May.
DYDX, ENA, SUI token unlocks
As the crypto market exits April, altcoins continue to mirror Bitcoin’s price movements. Among those to likely be in the spotlight this week though are tokens set to unleash huge part of their supply into circulation.
Data from TokenUnlocks shows that DYDX, SUI, ENA and MEME are headed for major token releases this month. The above tokens all see tokens worth more than $10 million added to the circulating supply.
On May 1, dYdX will unlock over 33.3 million DYDX tokens, which is worth approximately $70.6 million and accounting for about 11.9% of supply. Also on May 1, Ethena will unlock 53.6 million ENA worth about $45.2 million and representing 3.76% of circulating supply.
On May3, Sui and Memecoin unlock $40 million and $141 million worth of SUI and MEME tokens respectively.
🚨 $MEME Unlocks Alert 🚨
~$155 m set to unlocks on 3 May 2024
~31.97% of circulating supply5.32b tokens will be unlocks and allocated to Airdrop, Advisory, and Investors.
More unlock details 👇🏻 pic.twitter.com/3T0d7wblIa
— Token Unlocks (@Token_Unlocks) April 27, 2024
Other top unlocks in the first week of May are Galxe (GAL) and Heroes of Mavia (MAVIA).
The biggest token unlocks in May will be for Aevo (AEVO) and Pyth Network (PYTH). According to TokenUnlocks, both projects will see more than $1.2 billion in AEVO and PYTH released on May 15 and May 20 respectively.
While projects try to ensure unlocks do not put undue pressure on token prices, there’s still the potential that massive releases inject fresh volatility in the respective markets. Having key information on such developments could be key to traders’ decisions.