Altcoin Market Braces for Major Token Unlocks as $340M Worth of Tokens Hit the Market

The distribution of locked altcoin to early investors will further dilute the existing market that is already struggling with low demand.

Major altcoin token unlocks will be closely watched by traders in the coming week as a large amount of crypto will hit the secondary market.

Top cryptocurrencies like Solana (SOL), Cardano (ADA), and Neon (NEON) will see early investors be able to withdraw their funds.

According to Tokenomist, a platform that tracks token emissions, a total of over $340 million in tokens will be unlocked.

Every crypto trader should be aware of the upcoming altcoin token unlocks to avoid any potential traps.

Here are the top token unlocks for the week of November 4 to 11.

Neon (NEON) Token Unlock Details

In the category of large token cliff unlocks, the Neon (NEON) token will see a significant portion of its circulating supply released into the market.

Investors in the Solana-based parallelized EVM will receive 53.91M tokens, which are currently valued at over $20 million.

The major Neon token unlock will serve as a countervailing force to the token’s price, which has dropped over 90 percent in the past year to trade at about 37 cents on Monday, October 4.

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