Dogecoin’s supply is about to get a big boost. Millions of DOGE tokens are set to be released soon, and it’s worth understanding what this might mean for the price.
A Huge Unlock Incoming
A whopping 96.52 million Dogecoin tokens are scheduled for release over the next seven days, starting this Monday. That’s roughly 14 million DOGE per day, or about $3.41 million worth. While this only increases the total supply by a tiny 0.06%, it could still impact the price.
Potential Price Impact
This influx of new tokens could put downward pressure on the price, causing a temporary dip. However, Dogecoin has already weathered an initial release and is currently holding steady above $0.22. If buyer demand remains strong, the market might absorb these new tokens without much of a price change.
Other Tokens Also Seeing Unlocks
Dogecoin isn’t the only cryptocurrency facing a significant token unlock. Several others, including Aptos, Avalanche, and Arbitrum, are seeing unlocks worth over $30 million, released all at once (“cliff unlocks”). Other notable unlocks include:
- Solana (SOL): A massive $81.84 million worth of SOL (455,770 tokens) over seven days.
- Worldcoin: $48.02 million worth of tokens (37.23 million) over seven days.
- Celeste: $22.48 million worth of tokens (6.96 million) over seven days.
The MELANIA token is also experiencing unlocks, adding to its ongoing struggles.
The Bottom Line
The upcoming Dogecoin token unlock is a significant event, but its impact on the price remains uncertain. While it could lead to a temporary price correction, strong buyer demand could easily offset the effect. Keep an eye on not only Dogecoin, but also the other cryptocurrencies experiencing large token unlocks in the coming days.