Dogecoin Linear Unlock Set To Introduce Almost 100M New DOGE Tokens To Supply
The Dogecoin supply has risen steadily over the years, given that there is no limit to how many tokens that could be mined. This infinite number has often worked against the digital asset, as the constant rise in supply has affected the ability of demand to stay ahead. Now, again, even more tokens are about to be sent into circulation, causing the Dogecoin supply to rise once more.
Dogecoin Linear Unlocks in 7 Days
Reporter Wu Blockchain took to X to share information on massive token unlocks that are coming into the market. Among the most notable ones is Dogecoin, which is seeing a large amount of tokens that are going to be unlocked over a period of seven days.
According to the report, a total of 96.52 million Dogecoin tokens are expected to be unlocked during this one week period, starting on Monday. Token Unlocks data shows that $3.41 million worth of DOGE are expected to be unlocked daily, which works out to approximately 14 million tokens being released everyday.
By the time the unlocks are done, the Dogecoin supply would have grown around 0.06%. While this figure does seem insignificant compared to the already massive DOGE supply, the news could still have an impact on the meme coin's price. As $22.75 million in total is being circulated into the market, it could trigger selling pressure, which could lead to a temporary correction in the Dogecoin price.
Nevertheless, the Dogecoin price has shaken off the first batch of release and continues to trade high as bulls are still maintaining support above $0.22. If buying pressure continues to be high, then it is possible that the market absorbs the DOGE token unlocks without any noticeable impact on price.
Read More Solana protocol fees jump as SOL targets more upside
Other Token Unlocks To Watch Out For
Besides the Dogecoin linear unlocks, there are also other tokens seeing a notable number of tokens being either cliff or linearly unlocked. The likes of Aptos, Avalanche, and Arbitrum are all seeing unlocks crossing $30 million in value. These unlocks are being done on a cliff basis. Other ones include $10.30 million in MELANIA tokens, further threatening the TRUMP-adjacent token that has done nothing but crash since its release.
Source: X
When it comes to linear unlocks, the highest one is coming from Solana, with 455,770 SOL worth $81.84 million being released in seven days. Worldcoin's 37.23 million tokens worth $48.02 million comes in second, and Celeste's 6.96 million tokens worth $22.48 million comes third. Dogecoin is a close fourth with its $22.75 million figure.
DOGE struggles to stay ahead of bears | Source: DOGEUSDT on TradingView.com
Featured image from Dall.E, chart from TradingView.com
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