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Token unlock involves releasing tokens that were previously blocked under fundraising terms. Projects carefully schedule these releases to avoid market pressure and prevent a drop in token prices.
Here are five major token unlocks to keep an eye on next week.
Cardano (ADA)
- Unlock date: November 6
- Number of tokens unlocked: 18.53 million ADA
- Current circulating supply: 35.74 billion ADA
Cardano focuses on sustainability, security, and scalability for decentralized applications and smart contracts. On November 6, the network will unlock over 18 million ADA, allocating these tokens to staking and the treasury fund reserve. This action strengthens the staking ecosystem and supports Cardano’s long-term development.
Read more: How To Buy Cardano (ADA) and Everything You Need To Know
Neon (NEON)
- Unlock date: November 7
- Number of tokens unlocked: 53.91 million NEON
- Current circulating supply: 120 million NEON
Neon is an Ethereum Virtual Machine (EVM) project on the Solana blockchain, designed to enable Ethereum-based dApps to run on Solana’s high-speed, low-cost network. On November 7, it will unlock 53.91 million NEON tokens, represents 44.92% of current circulating supply.
Read more: How to Achieve EVM Compatibility in Non-EVM Blockchains
Banana Gun (BANANA)
- Unlock date: November 8
- Number of tokens unlocked: 250,000 BANANA
- Current circulating supply: 3.46 million BANANA
Banana Gun (BANANA) is a tool for decentralized trading that helps users buy and sell tokens automatically, especially during popular events like new token launches. It’s known for its fast trading bot, which gives traders an advantage in busy markets.
On November 8, Banana Gun will release about 250,000 BANANA tokens, valued at roughly $11.7 million. This unlock represents 7.21% of its current circulating supply.
Read more: What Are Telegram Bot Coins?
Xai (XAI)
- Unlock date: November 9
- Number of tokens unlocked: 35.88 million XAI
- Current circulating supply: 743 million XAI
Xai is the world’s first Layer-3 solution tailored for AAA gaming, built on Arbitrum technology. By simplifying wallet management, Xai eliminates the usual complexities of blockchain integration, making it a seamless addition to the gaming ecosystem.
On November 9, the project will unlock 35.88 million XAI tokens and distribute them to the team, investors, reserves, and the broader ecosystem.
Read more: The 6 Best Cryptocurrency Powered Games in 2024
Bitget Token (BGB)
- Unlock date: November 10
- Number of tokens unlocked: 5.38 BGB
- Current circulating supply: 1.4 billion BGB
Bitget Token (BGB) is the native token of the Bitget exchange, offering users benefits such as fee discounts, access to exclusive services, and participation in platform events. On November 10, Bitget will unlock BGB tokens worth approximately $6.02 million, representing 0.38% of its current circulating supply.
Next week’s smaller cliff unlocks include EigenLayer (EIGEN), Ethena (ENA), and Hashflow (HFT), among others, with a combined value surpassing $85 million.