Token unlocks are major movements in the cryptocurrency landscape, causing significant price movements and shifts in market dynamics. This week, tokens like EIGEN, ENA, and IMX are scheduled to unlock additional supply, potentially impacting their prices and the broader crypto market. This article discusses key token unlocks and their impact on the market.
EIGEN
At press time, EigenLayer is trading at a price of $4.13, with a decline of 16.66% on the last day and an increment of 71.84% in the last month, according to CoinMarketCap. The coin has a market cap of $868.15M, and the volume has declined by 11.52%, reaching $347.81M. It has a fully diluted value of $6.91B and a circulating supply of 210.8M EIGEN. EIGEN has no max supply as the supply of coins is infinite. On December 24, 2024, about 1.29M EIGEN, corresponding to 0.61% of the circulating supply worth $5.33, will be released into circulation.
The Relative Strength Index is at 44.68, indicating neutral momentum. This means the current trend can be either bullish or bearish. The Moving Average Convergence Divergence represents a bearish trend in the short term, with the MACD line trading below the signal line.
EIGEN Gains Traction After Binance and KuCoin ListingsENA
Ethena, ranked 48th in the crypto market, is trading at $1.19 and has a market cap of $2.61B at the time of writing. The coin’s price has declined by 23.24% in the last 24 hours and has risen by more than 67% in the last month. It has a 24-hour volume of $1.03B and a fully diluted value of $13.25B. ENA has unlocked 2.03B ENA, which is about 13.54% of the total supply, and a TBL locked value of 4.54B ENA. Nearly 12.86M ENA (0.44% of circulating supply) worth $11.65M will be unlocked on 25 December 2025.
The RSI at 48.39 represents a neutral trend but is leaning towards bullish, and the MACD line is trading below the signal line, indicating a bearish momentum.
IMX
At the time of publication, Immutable is trading at $1.36, a decline of 11.58% in the past 24 hours and an increase of 2.60% in the past month. IMX has a trading volume of $124.98M and a market cap of $2.3B. The coin has unlocked 85.29% of the total supply, which is about 1.71B IMX, and has a fully diluted value of $2.28B. On 27th December 2024, 1.45% of the circulation supply (24.52M IMX) worth $34.08M will be unlocked.
The Relative Strength Index is at 31.51, which is near the oversold territory, and the MACD is pointing towards bearish momentum.
Layer 2 Tokens: Immutable And Optimism Leading The WayConclusion
This week, major tokens like EIGEN, ENA, and IMX are expected to unlock millions of tokens, which will significantly impact the market. The effects of these token unlocks will depend on various factors, such as demand and market sentiment. Traders and investors need to closely observe the market to monitor potential price movement and manage volatility.
