Around 30 Cryptocurrency Projects to Unlock Over $200 Million Worth of Tokens in October
According to Token Unlocks data, around 30 cryptocurrency projects are set to release over $200 million worth of tokens into circulation in October. However, the majority of this release, nearly 80%, will come from six projects that plan to unlock more than $174 million worth of tokens during this period.
Token Unlocks and Their Impact on the Market
Token unlocks involve releasing previously restricted assets into the cryptocurrency market. Research by The Cambridge Centre for Alternative Finance (CCAF) has shown that these unlocks significantly influence overall market dynamics as they often exert selling pressure on the digital asset.
Top 6 Scheduled Unlocks for October
Axie Infinity: Axie Infinity leads the way by releasing 15.13 million AXS tokens, equivalent to 11.5% of its circulating supply. This amounts to $71.39 million and will be used to further develop its ecosystem and fund its team.
Optimism: The Ethereum layer2 network will unlock tokens valued at $33.58 million, with core contributors receiving 12.75 million tokens ($17.72 million) and investors receiving 11.41 million tokens ($15.86 million). This represents 3.03% of its circulating supply and will be available on the last day of the month.
Aptos: Aptos plans to reward its foundation and community with 4.45 million APT tokens, valued at $25.13 million. This release constitutes 1.91% of their circulating supply and is scheduled for October 12.
SUI: SUI will allocate its entire pool of 34.62 million tokens, worth $16.21 million, to the Community Access Program. This unlock is slated for October 3.
Apecoin: Apecoin will use its unlocked tokens to strengthen its treasury by adding about $9.18 million from this month’s unlocked tokens. This follows similar additions in previous months.
IMX: On October 7, 18.08 million IMX tokens will be released from their lockup, representing approximately 1.55% of IMX’s current circulating supply, estimated at $10.71 million.
Hot Take: Unlocking Tokens and Its Impact on Crypto Markets
Token unlocks play a significant role in shaping the cryptocurrency market dynamics as they introduce previously restricted assets into circulation. The unlocking process often exerts selling pressure on digital assets, affecting their prices and overall market sentiment.
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