Crypto analyst Thor Hartvigsen calculated the Fully Diluted Valuation of altcoins and identified tokens that could face selling pressure. Hartvigsen noted that four months into 2024, there is a massive increase in the supply of several altcoins. New tokens expected to be launched this year, alongside unlocks could push supply higher. Typically, an increase in selling pressure negatively impacts an asset’s price.
The metric float is derived by dividing the market capitalization of an asset with its FDV. The average float for new tokens is 13.6%, and the analyst notes that this is the tip of the iceberg when it comes to new tokens coming in 2024. Several categories, modular infrastructure, bridges/ cross-chain messaging, liquid re-staking tokens, EigenLayer, Ethereum scaling Layer 1, 2 and 3, Perp DEXes are set to see several new tokens.
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