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Home»ALTCOIN NEWS»6 Major Projects Unlocking $174 Million Worth of Tokens This October
ALTCOIN NEWS

6 Major Projects Unlocking $174 Million Worth of Tokens This October

By Crypto FlexsNovember 28, 20232 Mins Read
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6 Major Projects Unlocking 4 Million Worth of Tokens This October
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According to Token Unlocks data, approximately 30 cryptocurrency projects will have more than $200 million worth of tokens in circulation in October. However, six projects will contribute almost 80% of this release, as they plan to unlock over $174 million worth of tokens during this period.

Token unlocking involves releasing assets that were previously restricted from circulation onto the cryptocurrency market. A study by the Cambridge Center for Alternative Finance (CCAF) found that unlocking often has a significant impact on overall market dynamics as it puts more selling pressure on digital assets.

Top 6 upcoming unlocks in October

Axie Infinity leads the way with 15.13 million AXS tokens released, equivalent to 11.5% of the circulating supply. This significant release amounts to $71.39 million at the time of writing and will primarily be used to further develop the ecosystem and fund the team.

Top 6 assets scheduled to be unlocked in October. source: Woo Blockchain

Optimism, an Ethereum layer 2 network, unlocks $33.58 million worth of tokens. A total of 12.75 million ($17.72 million) for core contributors and 11.41 million ($15.86 million) for investors, these tokens represent 3.03% of the circulating supply and will be made available at the end of each month.

Read more: best upcoming Airdrop in 2023

Aptos also plans to reward the foundation and community with 4.45 million APT tokens, worth $25.13 million. This launch represents 1.91% of the circulating supply and is scheduled for October 12th.

SUI will allocate its entire pool of 34.62 million tokens, worth $16.21 million, to the community access program. This unlock is scheduled for October 3rd.

Meanwhile, Apecoin will use unlocked tokens to further strengthen its treasury. The project plans to add about $9.18 million to its treasury in tokens that will be unlocked this month. This planned move follows a series of similar additions in previous months.

On October 7th, 18.08 million IMX tokens will be released from lockup. This represents approximately 1.55% of IMX’s current circulating supply (estimated at $10.71 million).

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disclaimer

In compliance with Trust Project guidelines, BeInCrypto is committed to unbiased and transparent reporting. These news articles aim to provide accurate and timely information. However, before making any decisions based on this content, readers are encouraged to check the facts and consult with experts.

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