The crypto market is set for a major event in October, as several projects are preparing for major token unlocks.
Several crypto projects are preparing for significant token unlocks in October, with an estimated total value of $1.3 billion, according to data from Token Unlocks. Among these projects are Celestia (TIA), Sui (SUI), and Aptos (APT).
The earliest and smallest unlock will be Sui's (SUI) release of 64.19 million tokens on October 1. These tokens, valued at $108 million, will be distributed to early contributors, investors, and the Mysten Labs Treasury, comprising about 2.4% of the total circulating supply.
Sui's price has shown a remarkable surge of nearly 8% in the lead-up to the unlock, riding a 30-day gain of 110%. This growth can be attributed to the launch of Grayscale's Sui Trust and the upcoming integration of USDC into Sui's ecosystem by Circle, promising to further bolster the project's visibility and utility within the crypto space.
Later in the month, Aptos (APT) will unlock 11.3 million tokens on October 11, which, at current prices, will be distributed to the foundation, community, and early investors in a move valued at $91 million, accounting for 2.2% of its circulating supply. However, Aptos has faced some market volatility, with its price dropping to $7.9 after hitting a high of $8.5 just days ago.
The largest token unlock in October will be Celestia's (TIA) release of 175.56 million tokens into the market on October 30. This massive unlock will constitute 82% of its circulating supply, which will be distributed to early backers and investors.
Recently, Celestia raised $100 million in a funding round led by Bain Capital Crypto, boosting the project's total funding to $155 million. Following this announcement, TIA's price spiked 14%, settling at around $6.
Apart from these major unlocks, smaller token releases from projects like Immutable and Arbitrum are also scheduled for October. In total, the crypto market is set to see over $3 billion in new tokens entering circulation, a development that could impact market dynamics. Token Unlocks urges investors to stay informed and avoid FOMO during what they are calling “Uptober.”
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research!
If you believe that the content used on this website infringes your copyright, please contact us immediately (info@kdj.com) and we will delete it promptly.