How This Week’s $750M Token Unlocks Affect Altcoin season
After consolidating for the past eight months, the altcoin industry has signaled a sharp bull rally in the near term. The altcoin industry’s overall trading volume has surged over the past few weeks as whale investors turned their attention away from Bitcoin (BTC) and towards large-cap altcoins led by Ripple Labs XRP, Solana (SOL), Cardano (ADA), and Dogecoin (DOGE) etc.
However, some cryptocurrency experts are warning traders to only trade altcoins with solid fundamentals during the upcoming altcoin season to avoid becoming solid or holding on to bad coins. Furthermore, the high presence of crypto projects dilutes the entire industry compared to the bull cycles of 2021 and 2017.
Key altcoin unlocks to consider this week
According to market data symbolistSeveral altcoin projects will unlock a total of $750.63 million in the next 7 days. In this category, Cheelee (CHEEL) is a SocialFi based on the BNB chain with a fully diluted valuation of approximately $9.5 billion and will unlock approximately 20.8 million tokens on the cliff on December 13, 2024, worth more than 234 million Dollar.
Another major cliff unlock this week came from the Aptos (APT) network, involving 2.11% of the total supply on December 11, or approximately 11.3 million tokens, worth approximately $158 million. The Connex (CONX) project will also break the cliff to unlock 4.3 million tokens, worth approximately $141 million, accounting for 376% of the circulating supply on December 15.
Other noteworthy cliff unlocks this week include Starknet (STRK) $47 million, Cardano (ADA) $43 million, Sei (SEI) $36 million, and Polyhedra Network (ZKJ) $30 million.
In terms of total linear issuance today, Worldcoin (WLD) has the highest at $19.36 million per day, followed by Solana (SOL) at $17.39 million per day.
market impact
The most dilutive cryptocurrency projects are likely to face more bearish sentiment in the coming days. Furthermore, the emergence of FOMO cryptocurrency traders focuses on executing altcoins with solid fundamentals, including deflationary aspects.
Therefore, it would be prudent for cryptocurrency traders to keep a close eye on the top altcoins with the highest clock rates in the coming days.
