In a significant development, the cryptocurrency market is bracing itself for an influx of over $200 million worth of digital assets this October. According to a comprehensive report from TokenUnlocks, this substantial injection is primarily driven by six major projects, contributing more than 80% of the total amount, totaling $174 million. This impending event has the potential to reshape the market dynamics for these assets significantly.
The process in question, often referred to as “token unlocking,” involves the release of previously restricted assets into the wider cryptocurrency ecosystem.
Leading the pack is Axie Infinity (AXS), which intends to unleash a staggering 15.13 million tokens—equivalent to approximately 11.5% of its circulating supply—valued at approximately $71.2 million.
Notably, Optimism (OP), the Ethereum (ETH) Layer 2 network, is slated to unlock tokens worth $33.58 million on the last day of October. This release has the potential to influence liquidity and could result in either a surge or a sell-off, largely contingent on prevailing investor sentiment. The current stability of Optimism, priced at $1.36, may face new market pressures following the unlocking event.
ApeCoin (APE) has strategic plans for its unlocked tokens, utilizing them to reinforce its treasury by adding approximately $19.3 million worth of tokens to be unlocked this month.
On October 7th, an estimated $10.71 million worth of Immutable X (IMX) tokens will be released. This unlocking event could act as a lever for price action, with the potential for an uptick in trading activity or a downturn if investors opt to liquidate their holdings.
The Sui (SUI) blockchain is set to unlock over 34 million of its original tokens, valued at $16.21 million. Simultaneously, Aptos (APT) will issue 4.54 million tokens, amounting to $24.94 million, representing just under 2% of its circulating supply.
This influx of unlocked tokens adds an element of uncertainty to the cryptocurrency market, as investors and traders closely monitor the potential impact on prices and trading volumes.
