Multiple crypto tokens face unlocks this week testing market depth and price resilience

This week, the cryptocurrency market is set to experience multiple token unlocks across several high-profile projects, potentially creating volatility and testing market depth. The tokens in focus include SPEC, ENA, EIGEN, MAVIA, IMX, MOVE, and RENDER, with unlock schedules spanning from August 5 to August 10. These events may influence price dynamics, particularly for projects with strong narrative traction but limited circulating supply.

SPEC, a memecoin and restaking project on the BNB Chain, will unlock approximately 17.57% of its supply on August 5, valued at around $1.8 million. The token combines the social media-driven momentum of a meme coin with DeFi yield features, making its price sensitive to sentiment shifts. If demand fails to absorb the increased supply, selling pressure could intensify. Conversely, strong community engagement could mitigate downside risk [1].

ENA, the governance token of the synthetic stablecoin project Ethena, will see a 2.7% supply unlock on the same day, totaling $95.8 million in value. Although this represents a modest percentage of the total supply, the high dollar value could test investor confidence. The project relies on ETH perpetual hedging to maintain stability in its USDe product and is backed by top-tier venture capital firms. Market reaction will likely depend on broader sentiment toward stablecoin ecosystems [1].

MAVIA, a token tied to the mobile strategy game Heroes of Mavia, is set to unlock 23.03% of its supply on August 6. The large proportion of tokens being released may trigger short-term volatility, as early backers or guilds look to liquidate positions. The project aims to replicate the success of traditional mobile gaming within the blockchain space, but its long-term viability remains unproven [1].

IMX, the token of Immutable X—a Layer 2 platform supporting NFT gaming—will unlock 1.3% of its supply on August 8, valued at $12.2 million. Despite being a key player in the gaming infrastructure space, ongoing token emissions remain a concern for investors. The unlock could test the token’s resilience unless there is a corresponding surge in demand [1].

EIGEN, part of the EigenLayer ecosystem, will unlock 0.4% of its supply on August 6. As a foundational layer for Ethereum restaking, the token plays a strategic role in the modular blockchain narrative. However, the relatively small unlock is unlikely to drive significant price movement. Instead, the focus will be on how institutional or strategic investors react to the release [1].

MOVE, initially a memecoin, will unlock 1.89% of its supply on August 9. The token has attempted to reposition itself as a DeFi infrastructure player, but its roadmap remains ambiguous. Its performance is more likely driven by social media trends and community sentiment rather than fundamental metrics [1].

RENDER, the token of the decentralized GPU compute marketplace Render, will see a small unlock of 0.09% of its supply on August 10. Given its niche focus on AI and rendering services, the unlock is considered low-risk. The token benefits from strong narrative traction but may experience short-term volume spikes due to speculative positioning [1].

In general, tokens with high unlock percentages and limited liquidity—such as SPEC and MAVIA—are more vulnerable to downward pressure without sufficient buying support. Conversely, projects with strong market narratives, like Render and EigenLayer, may experience more cushioned price impacts despite ongoing token emissions [1].

As the crypto market braces for these unlocks, traders and investors must closely monitor both sentiment and on-chain activity to gauge the likely outcomes. These events highlight the importance of supply dynamics in a market where liquidity can shift rapidly based on narrative momentum and investor psychology.

Source: [1] Crypto Token Unlocks to Watch This Week (Aug 5–10): SPEC, ENA, MAVIA, and More Explained (https://coinmarketcap.com/community/articles/68907663f66ec432fbcd02ca/)