Massive Crypto Token Unlocks in October Could Impact IMX, APT, AXS, and More

• Crypto users expect massive token unlocks this October.
• IMX declined 11% following a token release in early October.
• Sui, Aptos, Axie Infinity, Arbitrum, and Celestia plan to unlock new tokens in October.

Crypto users expect massive token unlocks this October that could affect the prices of related cryptocurrencies. Less than two weeks into the month, some crypto projects have already experienced an influx of new tokens, with notable impacts on their overall value. One such token is Immutable X (IMX), which an Altcoin Buzz analyst highlighted lost about 11% value during a recent podcast.

According to the analysts, over $2 billion worth of new tokens are expected to hit the crypto market in October, with roughly $300 million released in the first week alone. Sui’s $115 million token release was the largest in the first week of October.

Token Unlocks and Price Action: What to Expect

Traders and analysts closely watch token unlock schedules to anticipate market trends. Given the basic principles of supply and demand, analysts believe that introducing more tokens into the market can lead to price drops for the affected cryptocurrencies. The Altcoin Buzz host noted that the downward price action seen at the beginning of October reflects the impact of these ongoing token unlocks.

Read also : Over $568 Million in Crypto Token Unlocks Set to Impact Market

Beyond Sui and Immutable X, several other projects are scheduled to unlock new tokens this month. Aptos (APT), a layer-1 blockchain focused on scalability, is set to release 11.31 million APT tokens (worth about $99 million) on October 12.

This represents 2.25% of APT’s circulating supply. Aptos plans to distribute the tokens to various areas, including the Foundation, the community, core contributors, and investors. Crypto analysts anticipate this unlock will put downward pressure on APT’s price, potentially causing temporary pullbacks from its current upward trend.

Read also : TIA Faces Market Uncertainty Ahead of Token Unlock Event

Axie Infinity, a popular play-to-earn blockchain gaming platform, also has a token unlock scheduled for this month. The project will unlock 9.25 million AXS tokens (worth roughly $42.5 million), representing 6.09% of AXS’s circulating supply. Axie Infinity intends to distribute the new tokens across its play-to-earn project, staking rewards, and the project team.

Arbitrum (ARB), a leading layer-2 scaling solution for Ethereum, will unlock 92.65 million ARB tokens (worth approximately $51 million) on October 16. This represents about 2.56% of ARB’s circulating supply and will be distributed among the project’s team, future team members, advisors, and investors.

Celestia (TIA), a modular data availability network, will release 175.59 million TIA tokens on October 30. The project will distribute these tokens to its early backers (from Series A and B funding rounds), seed round investors, and initial core contributors.

Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.