October Crypto Unlocks Near $2B with $1.1B TIA Token Release

The month of October is going to be huge in terms of crypto token unlocks, with nearly $2 billion in tokens ready to hit the market. According to reports, the Celestia project will be responsible for the majority of these releases. On October 31, it will unlock TIA tokens valued at $1.1 billion. The month’s biggest unlocks and their effects on the market are broken down below.

Celestia Token Unlock

Celestia is a modular data availability network that allows users to launch their own blockchains. It simplifies the process, much like deploying smart contracts. On October 31, the project will unlock 175.75 million TIA tokens. These tokens are worth $1.1 billion at the current market price.

The tokens are allocated to:

Core contributors

Research and development

Series A and B investors

Seed round investors

The project gained popularity toward the end of 2023, driving the price of TIA tokens to an all-time high of $20.85 in February 2024. However, the token has since experienced a decline, currently trading at $6.51.

Cheelee Token Unlock

Cheelee, a Web3 social network, is another project with a significant token release in October. On October 10, $300 million worth of Cheelee (CHEEL) tokens will be unlocked. These tokens are allocated to:

Advisers

Reserve fund

Marketing

Liquidity

Team

Community airdrop

Private round investors

Cheelee allows users to earn rewards for watching videos. However, it temporarily suspended withdrawals on September 20 in preparation for an update. Withdrawals resumed on September 24, but the price of CHEEL tokens fell from $16 to $12 shortly after the reopening.

Other Major Token Unlocks

In addition to Celestia and Cheelee, several other projects will release significant token amounts in October. These include:

Aptos: $90 million (October 12)

Arbitrum: $50-$70 million

Axie Infinity: $50-$70 million

ImmutableX: $50-$70 million

GateToken: $50-$70 million

Starknet: $20-$30 million

Internet Computer: $20-$30 million

Ethena Labs: $20-$30 million

Token Unlock Summary for October

Project	Unlock Date	Token Amount	Value (Approx.)
Celestia (TIA)	Oct. 31	175.75M	$1.1B
Cheelee (CHEEL)	Oct. 10	N/A	$300M
Aptos	Oct. 12	N/A	$90M
Arbitrum	N/A	N/A	$50M – $70M
Axie Infinity	N/A	N/A	$50M – $70M
ImmutableX	N/A	N/A	$50M – $70M
GateToken (GT)	N/A	N/A	$50M – $70M
Starknet	N/A	N/A	$20M – $30M
Internet Computer	N/A	N/A	$20M – $30M
Ethena Labs	N/A	N/A	$20M – $30M

This month’s unlocks are expected to impact the market, especially for projects like Celestia and Cheelee. It will be interesting to watch how token prices adjust as these unlocks take place.

By: coinbackyard

September 29, 2024 at 2:00 pm

Updated September 29, 2024 at 2:00 pm

Disclaimer

Remember, investing in cryptocurrencies involves risks, and it’s important to conduct thorough research and seek professional advice before making any financial decisions. (Please keep in mind that this post is solely for informative purposes and should not be construed as financial or investment advice.)

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