Cardano's ADA, JTO, NEON lead $570 million unlock week ahead of massive $3 billion in further December unlocks
- The crypto market is set to witness unlocks worth $3.5 billion in December.
- Tokenomist data revealed a $574 million unlock among several crypto projects next week.
- Jito will be the major focus of the unlocks with a $490 million supply hike.
Tokenomist data on Friday revealed that the crypto market will witness another week of heavy cliff unlocks worth over $570 million as part of the larger $3.5 billion December supply injection.
ADA, NEON and JTO rally amid upcoming supply hike
As the crypto market approaches the final month of 2024, several tokens are preparing to increase their circulating supply with notable cliff unlocks.
Ripple will unlock 1 billion of its XRP tokens on Sunday as part of its escrow unlock system using the XRP Ledger. This will add to the wider $3.5 billion supply hike the crypto market is set to experience in December.
Tokenomist data highlights several other projects set to increase their current circulation next week with over $570 million in token unlocks. These projects include Cardano (ADA), Jito (JTO), Neon (NEON), Taiko (TAIKO), Ethena (ENA) and Hashflow (HFT).
Weekly Cliff Unlocks : 2 - 8 Dec '24
— Tokenomist (prev. TokenUnlocks) (@Tokenomist_ai) November 29, 2024
$574.8m +
Unlock Highlights $JTO (103.32%) - $496.71m$NEON (44.92%) - $21.15m$ADA (0.05%) - $19.44m$TAIKO (11.38%) - $17.47m$ENA (0.45%) - $9.17m$HFT (2.87%) - $3.11m
.
( % of cir. supply) pic.twitter.com/K2IoEq7YPr
Cliff unlocks are periodic releases of vested tokens to investors, team members, community members or other key stakeholders. Prices may decline during cliff unlocks if demand fails to match the new supply.
Jito will see the highest cliff unlock volume, injecting over 100 million JTO tokens valued at $496 million into its circulating supply. JTO is currently up nearly 5%, which begs the question of whether investors may consider booking profits before the upcoming supply hike.
Other major unlocks for next week include ADA and NEON, which will see $19 million and $21 million worth of unlocks, respectively.
ADA has seen remarkable growth over the past 30 days and surpassed the $1 mark for the first time since 2022. The token gained over 4% on Friday and is likely to continue its rally due to the low supply increase expected next week.
Taiko, Ethena and EigenLayer will also see a supply hike worth $17 million, $9 million and $4 million, respectively.
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