October set for $3.46 billion crypto token flood, first week to unlock $735 million
Over $735 million worth of crypto will be unlocked and released into circulation in the first week of October, according to data from Token Unlocks.
The $735 million unlock is part of a larger $3.46 billion expected to be released throughout October. According to Token Unlocks, most releases involve assets like Celestia, Worldcoin, and Solana.
Celestia will unlock tokens worth $1.12 billion, while Worldcoin will release $336.31 million. Solana plans to unlock $360.80 million, and the remaining tokens will collectively release $1.65 billion in assets.
Token unlocks involve the gradual release of cryptocurrencies to prevent early investors or team members from selling large volumes simultaneously. This process has consistently wielded considerable influence over the broader market conditions by amplifying the selling pressure on a digital asset.
Week 1 token unlock
In the first week of October, many tokens will undergo cliff and linear unlocks. Cliff unlocks occur as a single, large release, while linear unlocks happen gradually over time.
Nine tokens will undergo cliff unlocks, including Ethena, SUI, Immutable, ZetaChain, Neon, Cardano, DYDX, Maverick Protocol, and Mode.
Among these, Ethena will unlock the largest amount428 million tokens worth approximately $171 million.
It would be followed by the fast-rising Sui blockchain, which would release 2.4% of its circulating supply, or 64.19 million tokensvalued at around $120 millionto early contributors and investors. Over the past month, Sui has enjoyed significant attention with the recent launch of the Grayscale Sui Trust and the integration of Circles USDC stablecoin.
Other major cliff unlocks for the period include Immutable and ZetaChain, which would unlock tokens valued at $55 million and $37 million, respectively.
Meanwhile, Solana, Worldcoin, Bittensor, Avalanche, and six other projects will begin linear unlocks for their community during this period.
Solana will release 524,000 tokens valued at around $81 million, while Worldcoin and Bittensor will release 37 million and 72,000 tokens, valued at $73 million and $41 million, respectively.
Other assets, including Avalanche, SEI, NEAR, Polkadot, Dogecoin, BEAM, and Filecoin, will also unlock substantial assets during this period.
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Text source: CryptoSlate
