Altcoins set for $2 billion cliff unlocks in September, IMX and TAIKO lead next week's unlocks
|- The crypto market will witness another round of heavy unlocks in September worth $2 billion.
- The market will also witness a supply hike of over $82 million worth of tokens next week.
- IMX and TAIKO lead next week's unlocks with ENA and DYDX to add further supplies to their circulation following recent unlocks.
Token Unlocks data on Friday reveals $2 billion worth of tokens set for cliff unlocks in September. The new month will kick off with $82 million worth of tokens entering circulation next week, with Immutable X (IMX) and TAIKO seeing the highest volume.
IMX and TAIKO kick off September's first week with $82 million cliff unlocks
The crypto market is bracing for massive unlocks in September. More than $2 billion worth of tokens, including Solana (SOL) and Worldcoin (WLD), will enter circulation. Solana will unlock roughly $360 million of new supply, while Worldcoin is expected to unlock about $304 million worth of new tokens.
IMX, TAIKO, MODE, ENA, GAL, HFT, and DYDX will post $82 million cliff unlocks next week to begin the unlocks.
Cliff unlocks are events where a project unlocks tokens for investors, community members or advisors. This supply injection often leads to price declines for the token if demand fails to meet the increased supply.
IMX and TAIKO will see the highest unlock volumes next week, making up over 80% of the total cliff unlocks with a combined $66 million new supply injection. IMX will unlock tokens worth $46.11 million, about 2% of its current circulating supply. TAIKO will see $20 million of unlocks next week, representing 19% of its circulating supply.
Next week Unlocks
Both tokens are currently down over the past 24 hours and could see further declines following the increased circulation.
Other tokens adding to their supply next week include MODE, which will receive $6.3 million in unlocks, worth 38% of its current supply. ENA will receive $3.5 million in new unlocks, GAL $2.3 million, HFT $1.97 million, and DYDX $1.4 million.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.