Token unlocks are pivotal events in the cryptocurrency life cycle. They significantly impact a token’s supply and demand dynamics, as token unlocks refer to the scheduled release of locked tokens. As new tokens enter the market, investors and stakeholders keenly observe these events for potential market fluctuations.
Typically outlined in a project’s roadmap, they distribute tokens to early investors, team members or upon reaching specific project milestones. Understanding the timing and scale of these token releases can provide valuable insights into potential market trends and investment opportunities. This blog discusses the tokens unlocked from June 2 to June 8.
Upcoming Tokens Unlock
ENA
Ethena has unlocked 7.8% of the tokens, which is 1,193,314,399.90 ENA, and is about to release 3.62% of the tokens worth $47.23m on 02 June 2024. At the time of writing, Ethena’s market price was $0.8806, and its total volume (24h) was $242,577,905 (273,195,073 ENA).
It has a market capitalization of $1,339,115,631 and a circulating supply of 1,479,139,274.28 ENA. The Relative Strength Index (RSI) of the coin is 53.35, which indicates that the momentum is neutral. On the other hand, the Moving Average Convergence Divergence (MACD) points to a bearish trend. In addition, the coin price decreased by 0.44% in the last 7 days.
Analyst Predicts Major Gains for ENA and ARB Amid Breakout SignalsPENDLE
Pendle will unlock 0.02% of the coins worth $232.79k on 05 June 2024 and has currently unlocked 272,474,526 PENDLE. At the time of publication, Pendle’s market price was hovering around $6.17, total volume (24h) was $67,078,995 (10,852,924 PENDLE), and had a market capitalization of $949,042,382.
It has a circulating supply of 154,029,855.30 PENDLE, and the coin’s supply is infinite. The RSI is at 56, signaling a relatively neutral momentum, and the MACD of the coin suggests a possible bearish trend. Furthermore, over the last seven days, the price of the coin has decreased by 13.47%.
Conclusion
Overall, understanding these token unlocks and their potential impact, along with thorough research on indicators like MACD and RSI, can provide investors with valuable insights. Making use of these insights to understand market trends can help traders make informed decisions.
