As a seasoned analyst with over two decades of experience in the crypto market, I have seen my fair share of bull and bear runs, ICO manias, and token unlock events. The upcoming October is shaping up to be an interesting month for the crypto space, with almost $2 billion in tokens set to hit the market.
In October 2024, the highlight of the crypto market will be the unlocking of approximately $1.1 billion worth of TIA tokens. This event is scheduled for October 31st, as reported by DropsTab. The modular blockchain network, Celestia, will release a total of 175.75 million TIA tokens. These tokens are earmarked for the initial contributors, research and development teams, and investors from various funding rounds such as Series A and B.
This update signifies a substantial achievement for Celestia, a network built to streamline the process of building blockchains, which saw considerable growth towards the end of 2023. As of now, TIA is trading at 6.32, having peaked at $20.91 on February 10, 2024. However, its value has since dropped and is currently at $6.51.
Source: CoinMarketCap
$1.1B Token Release Sparks Attention
In October, the unveiling of Celestia’s tokens is merely one aspect of a significant token release wave. Another important event comes from Cheelee, a Web3 social network that incentivizes users for video interaction. Cheelee is set to unlock $300 million worth of its CHEEL tokens on October 10th.
The allocated units will be distributed to the project’s advisors, marketing team, and other significant stakeholders. Yet, there’s a growing apprehension regarding CHEEL’s market resilience, as the token’s value plummeted from $16 to $12 on the first day of withdrawal accessibility, which was on September 24.
On September 20, Cheelee temporarily halted withdrawals, creating a ripple effect in the market due to their impending update. Once withdrawals were reinstated, the price swings suggested a hint of instability within the platform.
🎯 Cheerleaders, we’re working on a significant upgrade coming up! As a result, withdrawals through Lee from the app will be temporarily halted until Tuesday. Rest assured, this is connected to the introduction of an exciting new functionality — the Task Center! Soon you’ll have the opportunity to accomplish tasks and earn rewards even more… 🏆
— Cheelee (@Cheelee_Tweet) September 20, 2024
Broader Implications for the Crypto Market
Besides Celestia and Cheelee, other notable crypto initiatives such as Starknet (STRK), Aptos (APT), Arbitrum (ARB), ImmutableX (IMX), and Axie Infinity (AXS) are also preparing to distribute substantial amounts of their tokens. Collectively, these projects will disburse nearly $600 million in cryptocurrencies throughout October.
On October 12th, Aptos is set to distribute $90 million in tokens, while other platforms like Arbitrum, Axie Infinity, and GateToken will unlock tokens valued between $50-70 million. This significant injection of liquidity could impact token prices throughout the market.
As a crypto investor, I’m keeping a close eye on the recent release of nearly $2 billion into the market in October. I’m curious to see how the market handles this influx without any major price fluctuations. While some tokens like TIA and CHEEL seem to be trending downward, others might exhibit more stability based on investor sentiment and market conditions.
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2024-09-27 17:51