Upcoming token unlocks between Feb 23 and Mar 01, 2026 will release millions of dollars in previously locked supply across infrastructure, DeFi, gaming, AI, and L1/L2 ecosystems. This report breaks down the largest unlocks, their relative dilution, and key watchlists for traders and long‑term holders.
Biggest dollar‑value unlocks (headline events)
The largest unlocks by absolute USD value this week are:
| Token | Upcoming Unlock Value | Market Cap | % of Circulating Supply | Released % of Max Supply |
|---|---|---|---|---|
| JUP | $36.18M | $462.90M | 0.0794 | 0.4751 |
| GRASS | $9.33M | $79.98M | 0.1388 | 0.4165 |
| XPL | $7.45M | $180.17M | 0.0415 | 0.2143 |
| EIGEN | $6.42M | $103.79M | 0.0815 | 0.2698 |
| KMNO | $5.87M | $102.33M | 0.0349 | 0.6563 |
| SUI | $40.09M | $3.37B | 0.0119 | 0.3849 |
| JUP (again for emphasis) | $36.18M | $462.90M | 0.0794 | 0.4751 |
| H | $16.74M | $289.89M | 0.0437 | 0.2411 |
| SOSO | $4.76M | $98.27M | 0.0477 | 0.2796 |
| SOON | $3.54M | $70.43M | 0.0533 | 0.4104 |
- SUI’s unlock (~$40.09M) is the single largest by dollar value, but it represents only 1.19% of circulating supply, which moderates immediate dilution risk.
- JUP’s $36.18M unlock is also large, with a higher relative dilution (7.94% of circulating supply), making it one of the highest‑impact events to monitor this week.
- Mid‑caps GRASS, EIGEN, KMNO, H, and SOSO see unlocks in the $4–9M range, all with double‑digit or near‑double‑digit dilution, which can create short‑term selling pressure if demand is weak.
Highest dilution vs circulating supply
Some tokens have smaller nominal unlocks but very high dilution relative to current circulating supply, making them critical from a price‑impact perspective. Similar float-expansion dynamics were observed during Crypto Token Unlocks (Feb 16–22, 2026), where mid-cap and lower-liquidity assets experienced sharper repricing than large-cap counterparts.
| Token | Upcoming Unlock Value | % of Circulating Supply | Comment |
|---|---|---|---|
| GRASS | $9.33M | 0.1388 | Very high weekly dilution for a sub‑$100M cap. |
| JUP | $36.18M | 0.0794 | Large unlock, meaningful relative dilution. |
| EIGEN | $6.42M | 0.0815 | High dilution in a < $110M cap environment. |
| REZ | $1.16M | 0.0648 | Smaller absolute size but heavy dilution. |
| FLOCK | $1.12M | 0.059 | High impact for a ~$20M market cap. |
| GUN | $2.52M | 0.0562 | Elevated unlock vs float. |
| HUMA | $1.48M | 0.0584 | Double‑digit dilution with negative price momentum. |
| TREE | $1.18M | 0.057 | Notable supply expansion week‑on‑week. |
| AVAIL | $934.10K | 0.0555 | Significant for a $15.72M cap. |
| SOON | $3.54M | 0.0533 | Strong unlock vs float. |
Segmentation by theme and narrative
Layer‑1, L2 and infra plays
Key infrastructure and base‑layer assets with unlocks include SUI, MANTA, CELO, DYDX (protocol token), and CETUS (DEX infra).
- SUI: Price $0.88, 24h change −5.92%, market cap $3.37B, released 38.49% of max supply, upcoming unlock $40.09M (1.19% of circulating).
- MANTA: Price $0.066, −5.89% on 24h, market cap $30.96M, released 58.62%, unlock $124K (0.0087%).
- CELO: Price $0.072, −5.92%, market cap $42.95M, released 59.23%, unlock $194.28K (0.0045%).
- DYDX: Price $0.09, −7.56%, market cap $74.24M, released 74.67%, unlock $376.47K (0.0061%).
- CETUS: Price $0.016, −5.95%, market cap $14.29M, released 33.33%, unlock $131K (0.025%).
These infra tokens generally have modest weekly dilution percentages (well under 1% of circulating), with SUI as the outlier in dollar terms but still relatively moderate in percentage. For long‑term holders, the unlocks are part of multi‑year schedules, and the weekly flow is more about local volatility than structural thesis changes.
DeFi, trading, and liquidity protocols
AERO, DYDX, CETUS, OP, and GPS fall into the DeFi/liquidity and governance bucket.
- AERO: $0.301, −6.29%, $276.89M market cap, 61.37% released, unlock $1.12M (0.003%).
- OP: $0.119, −5.56%, $248.65M market cap, 45.78% released, unlock $3.84M (1.59%).
- GPS: $0.013, −2.08%, $56.83M market cap, 37.91% released, unlock $2.15M (0.0439).
Among these, OP’s unlock is notable because it pushes 1.59% extra supply into circulation in a single week, which can matter for leverage and perp markets. Smaller DeFi names like GPS see unlocks that are impactful in percentage terms but still manageable if protocol usage and fee flows are trending positively.
Gaming, metaverse, and NFT‑adjacent
A series of smaller‑cap gaming and NFT‑adjacent projects also see unlocks:
- YGG: $0.048, +7.02% 24h, market cap $34.41M, 89.82% released, unlock $432.05K (0.0098%).
- GFAL: $0.001132, −8.31%, market cap $5.99M, 64.85% released, unlock $28.29K (0.0055%).
- NYAN: $0.000582, −3.71%, market cap $85.15K, 24.12% released, unlock $1.15K (0.0082%).
- DICE: $0.000879, flat on 24h, unlock 879.32 units (0.0198% of circulating).
- DOLO, GGP, MIRA, SAHARA also sit near gaming/metaverse and small‑cap ecosystems with unlocks under $2M.
Most of these gaming unlocks are relatively small in dollar terms, but lower liquidity can magnify their price impact. YGG is comparatively mature with nearly 90% of its max supply already circulating, so its unlock is minor relative to float, though traders may still front‑run or fade the event.
AI, data, and RWA‑like narratives
AI‑themed and data‑infrastructure tokens include FET, AGIX, AI, SOPH, and GRASS.
- FET: $0.154, −4.75%, market cap $351.40M, 80.11% released, unlock $423.18K (0.0015%).
- AGIX: $0.069, −3.96%, market cap $19.04M, 78.87% released, unlock $440.96K (0.004%).
- AI: $0.021, −4.67%, market cap $2.74M, 50.91% released, unlock $348.02K (0.0325%).
- SOPH: $0.008614, −4.9%, market cap $17.23M, 28.76% released, unlock $216.49K (0.0158%).
- GRASS: $0.17, −7.76%, market cap $79.98M, 41.65% released, unlock $9.33M (0.1388%).
GRASS stands out as an AI/data‑narrative token with one of the most aggressive unlocks of the week by both value and percentage of circulating supply. For smaller names like AI and SOPH, even sub‑$500K unlocks correspond to several percentage points of float, which can pressure price if sentiment for the AI sector cools.
Low released percentage: long‑term overhang
Tokens with a low released percentage of max supply have significant future unlock overhang, even if this week’s unlock is relatively small.
Some notable names:
| Token | Released % of Max Supply | Comment |
|---|---|---|
| CYPR | 0.0954 | Under 10% released, long unlock runway. |
| GUN | 0.1559 | Early stage, repeated future unlocks likely. |
| XPL | 0.2143 | Big $7.45M unlock this week plus long‑term overhang. |
| HUMA | 0.2163 | Sub‑25% released with >5% weekly dilution event. |
| MIRA | 0.2184 | Early unlock phase, moderate current event. |
| STIK | 0.2846 | Less than one‑third of supply live. |
| H | 0.2411 | Large‑cap infra with less than one‑quarter supply out. |
| SUI | 0.3849 | Still early, but more advanced than ultra‑low release peers. |
Micro‑cap and low‑liquidity unlocks
Several tokens have very small market caps and modest nominal unlocks that can nonetheless move price sharply because of thin order books.
Examples include:
- FT: Price $0.0023, market cap $201.21K, 98.61% released, unlock 638.97 units (~0.0028 of circulating).
- SLF: $0.000423, market cap $70.66K, 68.12% released, unlock 836.63 units (0.0081).
- NYAN: $0.000582, market cap $85.15K, 24.12% released, unlock $1.15K (0.0082).
- ALOT: $0.044, market cap $2.72M, 55.91% released, unlock $3.15K (0.0019).
While these unlocks do not move the broader market, they are relevant for micro‑cap participants, where even a few thousand dollars in extra sell pressure can widen spreads and accelerate downside. Traders in these names should pay close attention to liquidity on spot and DEX pools around unlock time.
Key watchlist for the week (Feb 23 – Mar 01, 2026)
Based on a blend of unlock size, dilution, and current market cap, the top watchlist for this week is:
-
SUI – Largest absolute unlock (~$40.09M), moderate percentage dilution (1.19%), major L1 narrative; high‑priority event for majors traders.
-
JUP – $36.18M unlock and 7.94% of circulating supply; one of the highest combined impact scores this week.
-
GRASS – $9.33M unlock with 13.88% dilution in a sub‑$100M cap AI/data token, making it structurally vulnerable to unlock selling.
-
EIGEN – $6.42M unlock and 8.15% dilution with less than 30% of max supply out, suggesting strong long‑term unlock overhang.
-
KMNO – $5.87M unlock, 3.49% dilution, mid‑cap with relatively high weekly supply expansion.
-
OP – $3.84M unlock at 1.59% dilution for a prominent L2 governance token; relevant to derivatives and ecosystem activity.
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FLOCK, HUMA, GUN, TREE, REZ – High‑percentage diluters in the 3–6%+ range of circulating supply; sensitive to sentiment and liquidity.
