Token Launches That Stand Out in the First Week of November

Token Unlockings to Watch for in the First Week of November

The crypto market is set to witness significant token unlockings from Ethena (ENA) and Movement (MOVE) in the first week of November. Both projects are drawing attention by offering new supply to investors.

What is a Token Unlocking?

Token unlocking refers to the scheduled release of previously locked tokens for founders, investors, or reserves according to a specific plan. This process follows a roadmap designed from the project's inception.

Such unlockings regulate the supply in the market and allow for capital increases in projects. Moreover, they encourage rewarding contributors within project networks. They play a critical role in building long-term investor confidence.

Ethena (ENA) Unlocking

On November 5th, the Ethena team will release a total of 171.88 million ENA tokens. This supply is valued at $61.54 million and represents 2.52% of the current circulating supply. Ethena will reward 93.75 million tokens to main contributors while investors will receive 78.13 million ENA.

Ethena is a decentralized synthetic dollar protocol built on the Ethereum (ETH) blockchain. The protocol aims to establish its place in the financial ecosystem by offering crypto-based alternatives to traditional stablecoins.

Movement (MOVE) Unlocking

On November 9th, the Movement team will release 50 million tokens valued at $3.2 million. These tokens represent 1.89% of the circulating supply and will be entirely allocated to the ecosystem and community.

Movement is a blockchain ecosystem that utilizes Meta's Move programming language. It promises to provide developers with the ability to create faster, secure applications using MoveVM, while offering high performance and scalability in DeFi and Web3 use cases.

Given all this information, it is clear that investors should closely monitor these token unlockings. However, it is always essential to act cautiously and with awareness.