The release of Celestia’s $1.1B tokens is just one part of the massive token unlock wave coming in October.
In October 2024, the crypto market will witness the release of almost $2 billion in tokens, with Celestia’s $1.1 billion TIA TIA $3.18 24h volatility: 0.7% Market cap: $1.84 B Vol. 24h: $54.57 M token unlock taking the spotlight. According to DropsTab, the modular blockchain network will unlock 175.75 million TIA tokens on October 31. These tokens are allocated to Celestia’s initial contributors, research and development teams, and investors from multiple rounds, including Series A and B.
This release marks a significant milestone for Celestia, a network designed to simplify the creation of blockchains, which gained major traction in late 2023. Currently trading at 6.32, TIA price reached its peak at $20.91 on February 10, 2024. However, the token’s value has since declined and currently stands at $6.51.
Source: CoinMarketCap
$1.1B Token Release Sparks Attention
The release of Celestia’s tokens is just one part of the massive token unlock wave coming in October. Another notable release is from Cheelee, a Web3-based social network that rewards users for video engagement. Cheelee is scheduled to unlock $300 million worth of its native CHEEL tokens on October 10.
The tokens will go to the project’s advisors, marketing, and other key contributors. However, there are concerns about CHEEL’s market stability, as the token’s value dropped from $16 to $12 on the first day of withdrawal availability on September 24.
Cheelee’s temporary suspension of withdrawals on September 20 caused some market turbulence, as the social app prepared for an update. After enabling withdrawals again, the price fluctuations highlighted potential instability.
👉 Cheeleеrs, we’re preparing a major update!
— Cheelee (@Cheelee_Tweet) September 20, 2024
Due to this, withdrawals of Lee from the app will be temporarily suspended until Tuesday.
⚡️Don’t worry, this is related to the implementation of a new feature — the Task Center! Soon you’ll be able to complete tasks and earn even… pic.twitter.com/7skigQRI3G
Broader Implications for the Crypto Market
In addition to Celestia and Cheelee, other crypto projects such as Starknet STRK $0.16 24h volatility: 4.4% Market cap: $457.89 M Vol. 24h: $27.34 M , Aptos APT $5.36 24h volatility: 3.6% Market cap: $3.24 B Vol. 24h: $132.07 M , Arbitrum ARB $0.34 24h volatility: 3.7% Market cap: $1.56 B Vol. 24h: $123.97 M , ImmutableX IMX $0.54 24h volatility: 1.9% Market cap: $974.73 M Vol. 24h: $28.25 M , and Axie Infinity AXS $3.02 24h volatility: 5.1% Market cap: $483.00 M Vol. 24h: $20.86 M are also set to unlock significant amounts of tokens. In total, these projects will release almost $600 million in crypto assets throughout October.
The largest of these, Aptos, will release $90 million in tokens on October 12, while others such as Arbitrum, Axie Infinity, and GateToken will unlock tokens worth $50-70 million. These releases represent a substantial addition of liquidity to the market and may influence token prices across the board.
With October seeing the unlocking of almost $2 billion in crypto, the market’s ability to absorb this influx without dramatic price swings will be closely watched. While the price of some tokens like TIA and CHEEL is on a downward trend, others may experience more stability depending on investor sentiment and market conditions.
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