Approximately $2 billion worth of tokens from major projects are scheduled to be released in October, with 175.75 million Celestia (TIA) tokens worth $1.1 billion at current market prices accounting for a huge portion of this month’s total unlocks.
Celestia is scheduled to unlock $1.1 billion worth of tokens on October 31, according to cryptocurrency vesting tracker DropsTab. The coins will be allocated to the project’s early core contributors, research and development, series A and B investors, and seed round investors.
Celestia is a modular data availability network that helps users launch their own blockchain. In 2022, the founders said the project aims to help developers launch blockchains as easily as deploying smart contracts.
The project gained significant popularity in the fourth quarter of 2023, and TIA’s token price rose until it reached an all-time high of $20.85 on February 10. The price has since been trending lower, currently at $6.51, according to Cointelegraph Markets Pro data.
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Key Tokens Unlocked in October
In addition to TIA, a Web3 social network project called Cheelee, which rewards users for watching videos, is set to unlock $300 million worth of vested crypto tokens on October 10th. According to DropsTab data, tokens are distributed by project advisors, reserve funds, marketing, liquidity, team, community airdrops, and private round investors.
The social application suspended withdrawals for social app rewards on September 20th while preparing an update and enabling withdrawals on September 24th. Cheelee (CHEEL) tokens fell from $16 to $12 on the day withdrawals began.
In addition to TIA and CHEEL, which accounted for 70% of all token unlocks in October, Aptos (APT), Arbitrum (ARB), Axie Infinity (AXS), ImmutableX (IMX), GateToken (GT), Starknet ( STRK), and Internet Computer (ICP) ) and Ethena Labs (ENA). The project plans to bring nearly $600 million worth of cryptocurrency tokens to the market.
Aptos plans to launch a $90 million cryptocurrency token on October 12th. These tokens will be allocated to the project foundation, core contributors, investors, and community.
Arbitrum, Axie Infinity, ImmutableX, and GateToken’s unlock amounts range from approximately $50 million to $70 million, while the cryptocurrency unlocks from Starknet, Internet Computer, and Ethena Labs range from $20 million to $30 million.
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