$389M Token Unlock Looms: Which Coins Are at Risk?

Between May 5-12, 2025, a token unlock worth over $389 million is set to take place. During this period, unlocks from major projects like LAYER, ENA, and SOL are drawing investors’ attention. 

Token unlocks directly introduce supply to the market and impact prices. Project teams and early investors offload these tokens, and such sales, especially in low-liquidity markets, can trigger sudden price drops. 

Highlighted Token Unlocks 

• LAYER (Solayer): 27 million tokens, valued at approximately $86.73 million, accounting for 13% of the total supply.  
• ENA (Ethena): 171.88 million tokens, worth about $49.52 million, representing 3.1% of the total supply. For instance, on October 2, 2024, the team and investors unlocked 428.38 million ENA tokens, releasing them into the market and adding 22.5% of the total supply to circulation, valued at roughly $165 million. On December 25, 2024, project owners introduced an additional 12.86 million ENA tokens to the market. 
• SPEC (Spectral): 10 million tokens, valued at approximately $21.3 million, comprising 48.5% of the total supply. 
• MOVE (Movement): 50 million tokens, worth about $8.45 million, representing 2% of the total supply. 

Linear Unlocks 

• Solana (SOL): 465,770 tokens, valued at approximately $67.27 million. 
• Worldcoin (WLD): 37.23 million tokens, worth about $5.11 million. 
• Polkadot (DOT), SUI, AVAX, DOGE: Each will unlock over $1 million daily. Dogecoin (DOGE) is also on the unlock list, with 96.5 million tokens worth over $16 million gradually released throughout the week. 

The Donald Trump-linked $TRUMP meme coin will unlock tokens worth $5.49 million daily over the next seven days. This development has raised eyebrows, following claims that the team moved a significant portion of the token supply to centralized crypto exchanges, with some labeling it a potential pump-and-dump scheme. 

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