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Cryptocurrency News Articles
October 2024: A Crucial Month for the Cryptocurrency Market as One of the Biggest Token Unlocks of the Year Is Anticipated
Sep 30, 2024 at 11:28 pm
In total, over $3 billion worth of crypto assets will enter the market, with Celestia, Sui and Aptos leading the most significant launches
A massive crypto token unlock event is anticipated in October 2024, with over $3 billion in various crypto assets set to enter the market.
This occurrence will pique investor interest and may have a substantial effect on the pricing of these assets.
The first project to carry out its unlock will be Sui, which will release 64.19 million SUI tokens on October 1. These tokens, valued at approximately $108 million, will be distributed among A and B round investors, early contributors, the Mysten Labs Treasury, and community reserves.
Anticipation of this unlocking has fueled a remarkable 110% increase in the price of SUI, which was also driven in part by the announcement of the Grayscale Sui Trust and Circle’s upcoming USDC integration.
Next, on October 11, Aptos will release 11.3 million APT tokens, valued at about $91 million and constituting approximately 2.2% of its circulating supply.
Unlike SUI, APT has experienced some volatility in its price. After peaking at $8.5 during a general market rally, the token has since dropped to around $7.9, suggesting that the market is adjusting to expectations of the unlock.
Celestia will have the largest unlock volume, with an impressive 175.56 million TIA tokens unlocked, estimated to fetch approximately $1 billion.
Scheduled for October 30th, this unlock represents around 82% of its circulating supply and will go to early investors as well as key contributors.
The recent raising of $100 million in a funding round has brought its total to $155 million, which has also contributed to a rise in the token price.
Investors should be aware of how these unlocks could impact the broader market, given their scale.
The arrival of more than $3 billion in assets may generate selling pressure, especially if holders look to capitalize on their investments.
However, October is also known as “Uptober” in the crypto community, a month historically linked with rising digital asset prices.
While history suggests growth, the impact of the unlocks could be mixed, and investors should avoid making hasty decisions out of fear of missing out on opportunities.
Focus on careful analysis of the market situation instead, as volatility can be high.
In this sense, staying informed about upcoming events and releases is crucial for any cryptocurrency investor.
The community must be prepared to navigate an environment that could be affected by these significant market movements.
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