Sep 27, 2024
6thTrade
According to recent report by Coin Telegraph. The crypto market is bracing for a massive wave of token unlocks, with nearly $2 billion worth of assets set to hit the market. Leading the charge is Celestia (TIA), a highly anticipated project unlocking 175.75 million tokens â valued at $1.1 billion at current prices â on October 31, according to crypto vesting tracker DropsTab.
Celestiaâs Blockbuster Unlock: $1.1 Billion in One Day
Celestia, a modular data availability network aimed at enabling users to easily launch their own blockchains, is making headlines as it prepares for one of the largest token unlocks of the year. These tokens are allocated to the projectâs early contributors, including research and development teams, Series A and B investors, and seed round backers.
Celestiaâs ambitious goal of helping developers deploy blockchains with the same ease as smart contracts initially propelled the project to popularity. In 2022, the buzz surrounding the project drove its token price to an all-time high of $20.85 on February 10, 2023. However, since peaking, TIA has been on a steady decline, now hovering around $6.51. $TIA
More Major Unlocks on the Horizon: Cheelee and Aptos Among Notables
While Celestiaâs massive unlock dominates the month, itâs not the only one making waves. Cheelee (CHEEL), a Web3 social network project that rewards users for watching videos, will release $300 million worth of vested tokens on October 10. The tokens will be distributed to advisors, a reserve fund, marketing, liquidity pools, the development team, community airdrops, and private investors.
The project recently faced some turbulence after suspending withdrawals for rewards on September 20 in preparation for an app update. Withdrawals resumed on September 24, but not before the price of CHEEL dropped from $16 to $12. With the unlock imminent, all eyes are on whether the token can recover or if it will face more volatility.
Aptos (APT), a Layer 1 blockchain solution, is also slated for a significant unlock of $90 million worth of tokens on October 12. These tokens are earmarked for the projectâs foundation, core contributors, investors, and community members. Aptos joins other notable projects like Arbitrum (ARB), Axie Infinity (AXS), ImmutableX (IMX), and GateToken (GT), all scheduled to release between $50 million and $70 million worth of tokens this month.
Meanwhile, Starknet (STRK), Internet Computer (ICP), and Ethena Labs (ENA) round out the October unlocks with smaller but still impactful releases, ranging from $20 million to $30 million in tokens.
Market Impact: Volatility or Opportunity?
With nearly $2 billion worth of tokens flooding the market in October, many investors are on edge about the potential for significant price swings. Historically, large unlock events can trigger increased volatility as investors sell off newly released tokens or reallocate their portfolios. On the other hand, some see this as an opportunity to buy into projects at potentially discounted prices, betting on long-term growth.
As October progresses, the crypto community will be closely watching how these unlocks affect token prices and market dynamics. Will projects like Celestia and Cheelee recover from recent downturns, or will the flood of tokens create downward pressure? Only time will tell, but one thing is clear: Octoberâs token unlocks are set to be one of the biggest market events of the year.
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Disclaimer: The content of this article is for informational purposes only and does not constitute financial advice. Cryptocurrency investments are highly volatile and may lead to substantial financial loss. Always perform your own research and consult a qualified financial advisor before making any investment decisions. The opinions expressed are solely those of the author and do not represent the views of the publisher or its affiliates. Investing in cryptocurrencies involves inherent risks, and past performance is not a reliable indicator of future results. Please exercise caution.
