October is shaping up to be a significant month for the crypto market, with a total of nearly $2 billion in tokens from major projects set to be unlocked. A major portion of this total comes from Celestia and its TIA tokens, with 175.75 million tokens worth about $1.1 billion scheduled for release on October 31. This token unlock will mark one of the largest in recent crypto history.
Celestia’s $1.1 Billion TIA Unlock
According to data from DropsTab, the $1.1 billion in Celestia (TIA) tokens will be unlocked to various stakeholders, including the project’s core contributors, Series A and B investors, seed round investors, and those involved in the research and development of the network.
Celestia is a modular data availability network designed to help users easily launch their own blockchains. The project gained significant attention in the final quarter of 2023, which helped drive the price of its TIA token to an all-time high of $20.85 on February 10, 2024. However, the price has since dropped, currently standing at $6.51, according to Cointelegraph Markets Pro data.
This large token release will likely add to the volatility of the token’s price, as significant amounts of TIA will be circulating in the market.
Cheelee Unlock: $300 Million in Tokens
In addition to Celestia, another notable project set to release a substantial amount of tokens in October is Cheelee, a Web3 social network that rewards users for watching videos. The project is scheduled to unlock $300 million in CHEEL tokens on October 10. These tokens are allocated to a variety of stakeholders, including advisers, a reserve fund, marketing, liquidity, the team, community airdrops, and private round investors.
On September 20, Cheelee suspended withdrawals of social app rewards in preparation for an update, which was completed by September 24. Following this, the CHEEL token saw a price drop from $16 to $12 on the opening day for withdrawals.
Other Major Token Unlocks
Together, TIA and CHEEL account for 70% of the total unlocks in October, but several other prominent projects will also see significant token releases:
- Aptos (APT): $90 million worth of APT tokens will be unlocked on October 12, allocated to the project’s foundation, core contributors, investors, and the community.
- Arbitrum (ARB), Axie Infinity (AXS), ImmutableX (IMX), and GateToken (GT): These projects are unlocking between $50 million and $70 million in tokens during the month.
- Starknet (STRK), Internet Computer (ICP), and Ethena Labs (ENA): Token unlocks from these projects will range from $20 million to $30 million.
Impact of October’s Unlocks
The near $2 billion in total token unlocks this month is poised to impact the cryptocurrency market, with many of these tokens being released into circulation. These releases can lead to increased market volatility, as large amounts of supply enter the market and could influence token prices. Additionally, the Cheelee and Celestia unlocks, in particular, will likely be closely watched by investors for signs of how major unlocks affect the broader market sentiment.
These events also highlight the growing maturation of the crypto ecosystem as more projects hit key milestones and move from early-stage investors to a broader user base. For investors, these token unlocks can present both opportunities and risks, depending on how the market reacts to the influx of new supply.
