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New cryptos face market impact from upcoming token unlocks.
One out of five cryptos in the Top 300 by market cap has the majority of their supply locked, according to a report by CoinGecko. The report calls these assets “low float”, as they show a market cap to fully diluted valuation (FDV) ratio below 0.5.
The four cryptos with the lowest floats among these large caps are Worldcoin (WLD), with a market cap to FDV ratio of 0.02, Cheelee (CHEEL) at 0.06, Starknet (STRK) at 0.07, and Saga (SAGA) at 0.09. Notably, all four were launched within the last two years.
The majority of low float large-cap cryptos are recent market entrants, with 54 out of 64 having been launched since 2021. The impending token unlocks are expected to exert additional pressure on the crypto market as these projects release more tokens into circulation.
Conversely, only 74 of the top 300 cryptos have reached a market cap to FDV ratio of 1, meaning they are fully diluted with no further tokens to be unlocked. Less than half of these fully diluted cryptos were launched in the past four years, with the majority having been introduced between 2014 and 2020.
Interestingly, meme coins such as Pepe (PEPE) and dogwifhat (WIF), comprise 14 of the 74 fully diluted cryptos and represent a significant portion of those launched in 2023 and 2024. This trend underscores the growing narrative of meme coins in the crypto market.
High float cryptos, which have already unlocked more than half of their token supply, account for 162 of the top 300, or 54%. Among these, 28.7% are nearly fully diluted, with market cap to FDV ratios of 0.80 or higher, including established cryptos like Maker (MKR), Aave (AAVE), and Near Protocol (NEAR).
The average market cap to FDV ratio for the top 300 cryptos stands at 0.73, reflecting a diverse range of token distribution stages within the market.
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