This week, important events concerning token unlocks, especially for Dogecoin, are expected in the cryptocurrency space. 96.52 million DOGE tokens are set to unlock.
DOGE Token Unlock
Between May 19 and May 26, 96.52 million Dogecoin tokens are scheduled to unlock, representing about 0.06% of the circulating supply valued at $21.9 million. Despite its small share, the timing of this unlock raises concerns in the market.
Technical Analysis of DOGE
Recently, DOGE has shown signs of a bullish breakout, with price momentum approaching the $0.25 mark. However, it has since retreated after failing to maintain its upward trajectory and is struggling to break the 200 EMA.
Potential Impacts of Unlocks
The token unlocks may serve as a catalyst for both bullish expansion by providing liquidity or, more likely, a short-term sell-off due to market saturation. Additional unlocks this week include tokens from Near Protocol, Worldcoin, and Sui.
Although the DOGE unlock may appear minor in percentage terms, its symbolic volume and timing during a period of diminishing momentum make it significant for short-term trading strategies.
