Every month, regardless of market conditions, the same pattern repeats itself. Millions of new tokens are released onto the market, potentially putting downward pressure on the price of the relevant cryptocurrency. Find out which token unlocks to watch in November to stay one step ahead.
The 5 crypto token unlocks to watch in November
As the crypto market struggles to regain its footing after a turbulent October, shaken by the largest liquidation event the ecosystem has ever seen, a well-oiled mechanism could further exacerbate this dynamic: the infamous token unlocks.
Indeed, as usual, millions of tokens will be released in November.
Although a token unlock does not necessarily mean a drop in the price of the asset in question, this event contributes, at the very least, to increasing supply relative to demand, which can result in selling pressure.
This month, there are significant token unlocks to be aware of and monitor, particularly for ENA, APT, PUMP, ARB, and ASTER tokens:
Token unlocks to watch in November
Ethena (ENA)
- Amount: 171.85 million ENA tokens;
- Value: $56.31 million;
- Unlock date: November 5;
- Amount unlocked relative to circulating supply: 2.31%.
Ethena is a decentralized finance (DeFi) protocol that offers an alternative to traditional stablecoins via a product called USDe, a “synthetic” stablecoin pegged to the dollar.
Unlike reserve-backed stablecoins (such as USDT or USDC), USDe is kept stable through a hedging strategy based on crypto derivatives.
The ENA token is the governance token of the Ethena protocol. It allows holders to participate in decisions regarding the protocol’s development and to earn staking rewards.
As we mentioned in our article on the worst-performing cryptos in October, both ENA and its stablecoin were hit hard by the October 10 liquidation event. In fact, USDe lost 36% of its market cap in just three weeks, while the price of the ENA token fell by approximately 46%.
On November 5, the Ethena project will unlock 171.85 million ENA tokens valued at $56.31 million, representing 2.31% of its total market capitalization. This unlock may not make it easy for the crypto to recover.
Aptos (APT)
- Quantity: 11.31 million APT tokens;
- Value: $29.65 million;
- Unlock date: November 12;
- Unlocked quantity relative to circulating supply: 1.57%.
Aptos is a Layer 1 blockchain born from the ashes of Diem, a crypto project abandoned by Facebook (Meta) under regulatory pressure. Based on the Move language, Aptos is an ultra-fast blockchain. It offers transaction fees significantly lower than those of the Ethereum blockchain, making it a relevant option in the high-frequency trading sector.
The APT token is also featured in our article on the biggest crypto drops of October. Indeed, the price of the APT token halved during this period, largely due to fundamentals that appear fragile from an on-chain perspective.
Pump.fun (PUMP)
- Supply: 10 billion PUMP tokens;
- Market Cap: $41.44 million;
- Unlock Date: November 14;
- Unlocked Supply as a Percentage of Circulating Supply: 2.83%.
Pump.fun is a popular token launchpad platform, typically for memecoins, on the Solana blockchain.
Although Pump.fun’s products are regularly subject to price manipulation—which may deter some investors for ethical reasons—it’s worth acknowledging that few projects have such robust fundamentals.
Indeed, Pump.fun has a business model that appears to withstand the cyclical nature of attention and the speculation inherent in the crypto ecosystem. From September 25 to October 25, Pump.fun generated $37.7 million in revenue according to data from Artemis.
Chart showing Pump.fun’s weekly revenue
On November 14, Pump.fun will unlock 10 billion PUMP tokens, representing $41.44 million and 2.83% of its market capitalization. The impact on the price of PUMP is expected to be relatively neutral, considering that the buybacks made by the project almost offset the unlocks.
Over the past 30 days, the price of PUMP has fallen by 32%.
Arbitrum
- Quantity: 92.63 million ARB tokens;
- Value: $24.32 million;
- Unlock date: November 16;
- Amount unlocked relative to circulating supply: 1.68%.
Arbitrum is a Layer 2 scalability solution for the Ethereum blockchain, based on optimistic rollup technology.
The ARB token is used for project governance, enabling voting within the Arbitrum DAO, which manages, among other things, the allocation of grants via the community treasury.
Over the past 30 days, the Arbitrum blockchain has seen a significant influx of capital:
Chart showing capital inflows and outflows on the Arbitrum blockchain
As we can see in the chart above, Arbitrum has managed to attract $1.4 billion in capital over the past 30 days.
This influx of capital can be attributed in part to the launch of DRIP, an incentive program that began on September 3 and whose first season ends on January 20. More than 24 million ARB tokens will be distributed during this first season, according to Arbitrum’s official blog.
On November 16, Arbitrum will unlock 92.63 million ARB tokens, representing $24.32 million, or 1.68% of its market capitalization. Over the past 30 days, the price of the ARB token has fallen by 41.5%.
Aster
- Quantity: 78.41 million ASTER tokens;
- Value: $81.42 million;
- Unlock date: November 17;
- Amount released relative to circulating supply: 3.89%.
Aster is a decentralized exchange (DEX) specializing in the trading of perps (perpetual contracts), but it also offers spot trading and tokenized stocks.
Publicly backed by Binance founder Changpeng Zhao (CZ), Aster has quickly established itself as a relatively credible alternative to industry leader Hyperliquid.
Much like the APT and ENA tokens, the ASTER cryptocurrency was heavily impacted during October, posting a 53% decline. We also discussed the potential reasons behind the drop in the ASTER token price in our dedicated article.
On November 17, 78.41 million ASTER tokens will be released, representing $81.42 million, or 3.89% of its market cap.
Honorable Mentions
Among other major token unlocks to watch in November, we can also mention:
Linea, which will release 1.02 billion of its eponymous tokens on November 10, representing nearly $13 million, or 6.46% of its valuation.
The Layer 2 (of the Ethereum blockchain) StarkNet will release 127.6 million STRK tokens on November 15, representing over $14 million, or 2.8% of its market cap.
The Layer 1 blockchain Sei will release 95.15 million Sei tokens on November 15, representing nearly $16 million, or 1.52% of its market cap.
The Layer 2 (of the Ethereum blockchain) zkSync will release 173.41 million ZK tokens on November 19, representing $14.2 million, or 2.4% of its valuation.
The Layer 2 (of the Bitcoin blockchain) Merlin Chain will release 36.14 million MERL tokens on November 19, representing $11.44 million, or 3.44% of its market capitalization.
The LayerZero project will release 24.68 million ZRO tokens on November 20, representing $36.47 million, or 10.3% of its valuation.
The InfoFi Kaito project will release 16.67 million of its eponymous tokens on November 20, representing $14.55 million, or 6.91% of its market cap.
The Layer 1 Plasma blockchain, officially supported by the stablecoin giant Tether (USDT), will release 88.88 million XPL tokens on November 25, representing $28.48 million, or 4.94% of its valuation.
The Layer 2 (of the Ethereum blockchain) Optimism will release 32.21 million OP tokens on November 30, representing $12.06 million, or 1.7% of its market cap.
The Zora project, which we discussed in Zan’s column, will release 166.67 million ZORA tokens on November 30, representing $10.88 million, or 3.73% of its valuation.
