Almost $1 Billion in Token Unlocks This Week Exerts Pressure on These Altcoins

Crypto markets are bracing for a significant wave of selling pressure, with over $998 million in token unlocks scheduled to enter circulation from August 25 to August 31, as reported by Tokenomist.

Major releases are expected from Sui (SUI), Optimism (OP), Jupiter (JUP), and Huma Finance (HUMA).

Extensive Unlock Schedule

The token unlocks encompass a series of one-time cliff releases totaling approximately $185 million, according to the Tokenomist website, along with several linear unlocks contributing an additional $813 million.

Sui leads the release list with $161 million in tokens, accounting for 1.2% of its total supply. It is closely followed by Slash Vision Labs (SVL), which will release nearly 19% of its supply valued at over $37 million.

Other significant one-off unlocks include Jupiter’s $27.31 million, Optimism’s $24.30 million, and Kamino’s $13.97 million. Huma Finance will release almost $10 million of its native cryptocurrency, making up over 21% of its total supply.

Linear unlocks will cover several major assets. Filecoin is set to release more than $22 million worth of its FIL tokens daily, totaling around $156.39 million for the week.

Solana is also poised for notable unlocks, exceeding $104 million, with approximately $14.87 worth of new SOL entering the market daily. Additionally, Dogecoin (DOGE) will see over $3 million in new tokens each day.

Furthermore, Avalanche’s circulating supply will increase by about $2.5 million daily, while Worldcoin (WLD) will experience nearly $5 million in new tokens each day throughout this week.

Market Outlook

Investors are particularly focused on HUMA, which reached a new all-time low of $0.0254 today according to CoinGecko, down more than 78% from its peak in May.

Other tokens facing unlock pressures are also underperforming, with Sophon (SOPH) declining 9% over the past week and Renzo (REZ) dropping almost 7% in the last 24 hours, trading 95% below its high for 2024 at the time of this report.

Solana remains a focal point as well. BitMEX co-founder Arthur Hayes recently stated that he favors Ethereum over SOL for the current cycle, citing greater upside potential for ETH. Nevertheless, SOL has increased by more than 10% in the last week, trading just over $200, despite a 3.4% drop in the past day.

Meanwhile, Dogecoin is exhibiting mixed signals. The iconic meme coin is trading near $0.23, down over 4% in the past 24 hours, with analysts observing a symmetrical triangle pattern on the charts. Support is identified at $0.22 and resistance at $0.25, with a significant move anticipated soon. Market analyst Ali Martinez suggested that a breakout could propel DOGE toward $0.31, while failing to hold support may result in a decline to $0.19.