As $312M in Tokens Unlock, Crypto Markets Balance Volatility and Demand

The cryptocurrency market is bracing for a surge of token unlocks in the first week of November 2025, with over $312 million in new supply expected to enter circulation. Three major projects—Ethena (ENA), Memecoin (MEME), and Movement (MOVE)—are set to release significant token volumes, potentially amplifying price volatility as liquidity dynamics shift, according to a BeInCrypto report.

Ethena, a decentralized synthetic dollar protocol, will unlock 171.88 million ENA tokens on November 5, valued at $61.54 million. This represents 2.52% of the current circulating supply of 7.15 billion ENA and 1.15% of the total supply of 15 billion ENA. The unlock follows a recent cliff-style release of 40.63 million tokens to the Ethena Foundation, signaling a pattern of periodic supply injections. Core contributors and investors will receive the majority of the November 5 tokens, raising concerns about potential selling pressure. ENA's governance role in the Ethena ecosystem, which includes its synthetic stablecoin USDe, underscores its strategic importance for market participants.

Memecoin's unlock on November 3 will release 3.45 billion MEME tokens, accounting for 5.98% of the current circulating supply of 58.77 billion. Valued at $5.15 million, the tokens will be retained by the team for airdrops, a strategy that could delay immediate market impact. As a community-driven meme token with no inherent utility or financial promises, MEME's price movements are likely to remain speculative. Analysts note that airdrop-driven distribution may mitigate short-term volatility but could attract retail investors seeking exposure to viral trends, according to Coinpedia.

Movement, a blockchain platform leveraging Meta's Move programming language, will unlock 50 million MOVE tokens on November 9. This release, worth $3.2 million, constitutes 0.5% of the total supply of 10 billion MOVE, according to Yahoo Finance. The unlock aligns with Movement's focus on high-performance, secure applications for DeFi and Web3 use cases. The gradual release of tokens, combined with the project's emphasis on scalability, suggests a measured approach to market integration. However, the relatively small circulating supply of 2.8 billion MOVE could heighten sensitivity to trading activity.

Beyond these three projects, the week will see additional unlocks exceeding $5 million for tokens like BB, RED, and MAVIA, while Solana (SOL) and Dogecoin (DOGE) face linear unlocks totaling $92.2 million and $17.82 million, respectively, the Coinpedia piece notes. These releases, particularly for assets with smaller liquidity bases like ENA and MEME, could trigger short-term price swings. Institutional and retail demand will play a critical role in absorbing the new supply, though analysts caution that market sentiment and macroeconomic conditions will ultimately dictate the magnitude of price impacts.

The unlock events highlight the ongoing tension between token supply dynamics and market liquidity in the crypto space. While projects like Ethena and Movement aim to balance governance and utility, the influx of new tokens underscores the need for robust demand-side fundamentals to stabilize prices.