Date: Sun, Oct 27, 2024, 05:47 AM GMT
Last week was a volatile one for the cryptocurrency market. False rumor of investigations into Tether (USDT) and ongoing geopolitical tensions added pressure, affecting Bitcoin’s (BTC) price and sparking declines across several altcoins. Tokens from last week’s $105 million unlock, including Ethena (ENA) and Yield Guild Games (YGG), saw their values drop, while Space ID (ID) managed to finish in the green.
Source: Coinmarketcap
$1.06 Billion in Tokens Set for Release
This week, the market is bracing for an even larger wave of token unlocks worth $1.04 billion, drawing attention to Celestia (TIA), Sui (SUI), and Optimism (OP) as major players to watch. According to a Tokenomist report, between October 28 and November 3, these token unlocks could impact the circulating supply and price movements of these projects.
1. Celestia (TIA):
Celestia, a modular blockchain that launched last year, has gained traction within the cryptocurrency world. Its token, $TIA , has demonstrated impressive performance since reaching an all-time high of $20.86 in February 2024, though it later dipped to a low of $1.92 in October 2023. Since then, TIA has rebounded, surging 180% from its low, though it remains 74% below its peak.
On October 30, Celestia will unlock 175.59 million TIA tokens—valued at around $1.06 billion. This unlock represents a significant 79.91% of its circulating supply and could impact the token’s price. Historically, large unlocks can lead to increased selling pressure, potentially lowering the token’s value.
Token allocations for the unlock are as follows:
Private Investors (Seed, Series A & B): 117.38 million $TIA, valued at $712.5 million.
Founders & Core Team: 58.21 million TIA, valued at $353.35 million.
Given the 180% recovery from its all-time low, it will be interesting to see if private investors and core team members hold onto their tokens or choose to take profits.
2. Sui (SUI): $123.25 Million Token Unlock
Sui, a layer-1 blockchain, is set to release 64.21 million $SUI tokens on November 1. This release amounts to 2.32% of SUI’s circulating supply and is valued at approximately $123.25 million. As Sui’s ecosystem expands, this unlock could influence the token’s liquidity and volatility in the short term.
3. Optimism (OP): $53.91 Million Token Unlock
Optimism, another layer-1 blockchain, will unlock 31.34 million $OP tokens on October 31. This release represents 2.50% of its circulating supply, worth roughly $53.91 million. Optimism has been a promising project in the Ethereum scaling solution space, and this unlock could bring fresh trading activity, depending on whether holders decide to keep or sell their tokens.
Source: Tokenomist (X)
Other Notable Token Unlocks
Ethena (ENA): Unlocking tokens worth $4.87 million on October 30, amounting to 0.47% of its circulating supply.
Immutable (IMX): Releasing $46.76 million in tokens, or 1.98% of its supply, on November 1.
Final Thoughts
The upcoming token unlocks for Celestia, Sui, and Optimism have the potential to shift market dynamics this week, particularly with Celestia’s massive release of $1.06 billion worth of TIA tokens. This significant increase in circulating supply could lead to price volatility for TIA, depending on whether holders choose to retain their tokens or cash out.
Get more updates at: coinsprobe.com
Disclaimer: This article is for informational purposes only and not financial advice. Always conduct your own research before investing in cryptocurrencies.
