By October 2024, approximately $2 billion worth of tokens are expected to be released in the crypto market. The highlight of these key launches will be Celestia’s $1.1 billion TIA tokens.
TIA Coin Unlocking
Celestia is designed as a modular blockchain network and aims to make networking easier. According to DropsTab, Celestia will release 175.75 million TIA tokens on October 31. These tokens will be issued to Celestia’s early users, research and development teams, and participants in various investment rounds, including Series A and B. The $1.1 billion lock opening is expected to create an extremely serious selling pressure on the market and reduce prices. Due to this expectation for a long time, carrying a short position in TIA Coin has become extremely costly and high volatility in both directions is possible until the lock is opened.
The TIA token is currently trading at $6.32 and peaked at $20.91 on February 10, 2024.
Cheelee to Hold Grand Lock Opening
Celestia’s token unlock is the biggest event to happen in October. But the Web3-based social network called Cheelee will also release its $300 million CHEEL token on October 10. These tokens will be distributed to the project’s consultants, marketing team, and other key contributors.
There are concerns about the market stability of the CHEEL token, as the value of the token dropped from $16 to $12 on the first day when withdrawals became available on September 24.
Cheelee’s suspension of filming on September 20 caused fluctuations in the markets due to the preparations for the update of the social media application. Price fluctuations after withdrawals were reactivated revealed potential instability.
Other Lock Openings
Apart from Celestia and Cheelee, other crypto projects such as Starknet, Aptos, Arbitrum, ImmutableX and Axie Infinity will also unlock significant tokens. During October, these projects will put a total of $600 million worth of crypto money into circulation.
Aptos, which will have the biggest unlock among these projects, will release $90 million worth of tokens on October 12. Other projects such as Arbitrum, Axie Infinity and GateToken will put into circulation $50-70 million worth of tokens.
With almost $2 billion worth of crypto released in October, it will be fun to watch how the market reacts to this massive increase in supply. While some tokens, such as TIA and CHEEL, may lose value, others may follow a more stable path depending on investor sentiment and market conditions.
The above-mentioned token releases could create significant movement in the crypto market. Investors are advised to pay attention to the values and market reactions of the released tokens.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that crypto currencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
