NEXT TOKEN

A lot of people are keeping an eye on ENA today.
The reason is straightforward:
Unlocks.
But I think the question really worth examining is no longer “how much will be unlocked,” but rather—
After an event involving such a large amount of tokens, can ENA still fall?
These are two completely different questions.
Publicly available data currently show differing estimates of the amount being released today. Binance News cites third-party data indicating that the regular unlock on October 5 is about 172 million ENA. Meanwhile, based on its calculations following the latest adjustments to Ethena’s investor vesting schedule, Tokenomist says the remaining investor allocation may have been brought forward and combined into a one-time release of about 1.406 billion ENA, ending the investor’s monthly unlocks that were originally scheduled to continue until 2028. The amount actually entering circulation and the market cannot simply be equated with the “unlocked amount.” (Binance)

Today, the metaverse and old gaming coins suddenly became collectively active, and SAND became the most noticeable one.
Many people’s first reaction is: Can SAND still be chased?
But I’d rather discuss another question—if SAND has already been the first to ignite, where will the capital flow next?
This might be more worth studying than simply chasing a coin that has already surged quickly.
The biggest significance of this SAND run isn’t just its own rise—it’s that it has once again pulled market attention back to a direction that’s been dormant for a long time: Metaverse + old gaming coins.
In this kind of market, capital usually doesn’t stay on one leading name for long. A more common rhythm is: