The cryptocurrency landscape is gearing up for a substantial wave of token unlocks this October, with nearly $2 billion worth of tokens set to be released from several prominent projects. At the forefront is Celestia (TIA), which will unlock an impressive $1.1 billion in tokens on October 31. This release involves 175.75 million TIA tokens, marking a pivotal moment for both investors and the broader market.
Celestia serves as a modular data availability network aimed at facilitating the launch of independent blockchains. The project gained momentum in the latter part of 2023, culminating in a peak token price of $20.85 on February 10, 2024. However, according to Cointelegraph Markets Pro, TIA has seen a decline in value and is currently trading around $6.51.
Key Unlock Dates
In addition to Celestia, Cheelee, a Web3 social network that rewards users for watching videos, is scheduled to release $300 million in tokens on October 10. These tokens are allocated to advisers, reserve funds, marketing, liquidity, team members, community initiatives, and private investors. Following a temporary suspension of reward withdrawals, Cheelee tokens fell from $16 to $12 upon reopening.
Together, Celestia and Cheelee account for approximately 70% of the total unlocks this month. Other notable projects, including Aptos, Arbitrum, Axie Infinity, ImmutableX, GateToken (GT), Starknet, Internet Computer, and Ethena Labs, are expected to contribute close to $600 million in unlocks.
Breakdown of Major Token Unlocks
- Aptos (APT): Set to release $90 million in tokens on October 12, primarily allocated to the project’s foundation, core contributors, investors, and the community.
- Arbitrum, Axie Infinity, ImmutableX, and GateToken: These projects will each unlock between $50 million and $70 million in tokens.
- Starknet, Internet Computer, and Ethena Labs: The anticipated unlocks for these projects range from $20 million to $30 million.
Market Implications
The upcoming token unlocks are likely to induce volatility in the cryptocurrency market. Investors are closely watching these developments, as they could significantly influence token prices and overall market sentiment. With almost $2 billion in tokens set to enter circulation, stakeholders should brace for shifts in liquidity and demand, which may impact trading strategies and investment choices throughout October.
As the month progresses, the effects of these significant unlocks will likely become apparent, potentially reshaping the future of the cryptocurrency market.
