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The largest token unlock of the month belongs to Celestia, which will unlock 175.56 million TIA tokens on October 30.
Key Notes
Celestia (TIA), Sui (SUI), and Aptos (APT) are preparing for token releases in October.The largest token unlock of the month belongs to Celestia, which will unlock 175.56 million.The coming month is full of promises for the crypto industry, most especially for three major blockchain projects Celestia TIA $5.86 24h volatility: 0.3% Market cap: $1.26 B Vol. 24h: $196.08 M , Sui SUI $1.73 24h volatility: 2.9% Market cap: $4.64 B Vol. 24h: $1.09 B , and Aptos APT $7.82 24h volatility: -0.5% Market cap: $3.92 B Vol. 24h: $277.24 M . According to data from Token Unlocks, the trio is preparing for token releases that will distribute no less than $1.3 billion to ecosystem participants.
As one would expect, this massive token unlock may shake up the crypto market in significant ways. That is, as investors and traders brace up for the impact that the releases will have on liquidity and token valuations.
Sui to Unlock $108 Million in Tokens on October 1
Per the report, Sui will kick off the series of token unlocks on October 1. The fast-growing Layer 1 blockchain platform will unlock 64.19 million SUI tokens valued at approximately $108 million. While these tokens account for 2.4% of Sui’s circulating supply, they will be distributed among series A and B investors, early contributors, Mysten Labs Treasury, and the platform’s community reserves.
Interestingly, the SUI token has suddenly picked up pace ahead of this unlock. SUI’s strong performance is reflected in the 8% gain it posted last week, and its 110% rise over the last 30 days.
The gains, according to analysts, may be attributed to the launch of the Grayscale Sui Trust as well as the upcoming integration of Circle’s USDC stablecoin.
Aptos to Release $91 Million in Tokens on October 11
As earlier mentioned, Aptos is another major blockchain project set for a token release in October. It will unlock 11.3 million APT tokens on October 11, which is worth around $91 million. The tokens represent 2.2% of the APT’s circulating supply and will be allocated to the foundation, community members, core contributors, and investors.
Notably, though, while Sui is experiencing some boost leading up to its token unlock, the same cannot be said of Aptos. The APT token hit a high of $8.5 over the weekend as part of a broader crypto market rally. However, it soon dipped back below $8 shortly thereafter. As of publication, Aptos was seen trading at approximately $7.9, marking a 1% decline in the past 24 hours, according to CoinGecko.
Celestia to Unlock 82% of Its Circulating Supply on October 30
The largest token unlock of the month belongs to Celestia, which will unlock 175.56 million TIA tokens on October 30. This unlock represents a massive 82% of the token’s circulating supply and will be allocated to early backers, series A, and series B investors, as well as core contributors of the project.
Celestia recently made headlines after it secured $100 million in a funding round led by Bain Capital Crypto. This report may have contributed to the price of TIA climbing 14% to $6.7. However, the price has since settled at around 6%.
For what it’s worth, October’s token unlocks are not limited to the three projects mentioned above. There are smaller unlocks expected from the likes of Immutable, Arbitrum, and many other platforms. So, expectations are that with significant sums of tokens being unlocked, October could be a decisive month for the crypto market.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
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Mayowa is a crypto enthusiast/writer whose conversational character is quite evident in his style of writing. He strongly believes in the potential of digital assets and takes every opportunity to reiterate this. He's a reader, a researcher, an astute speaker, and also a budding entrepreneur. Away from crypto however, Mayowa's fancied distractions include soccer or discussing world politics.
