As October approaches, the cryptocurrency market is gearing up for several significant token releases. Among the notable projects set to launch their tokens this month are Axie Infinity, Optimism, and Aptos. These projects are collectively expected to release over $130 million into the market.
Leading the pack is Axie Infinity, a blockchain-based NFT game. On October 20, the project plans to release 15.1 million AXS tokens, amounting to 11.5% of its circulating supply. This release is valued at approximately $71.8 million. The distribution of these tokens will primarily benefit the project’s team, who will receive $28.9 million. Additionally, $16.3 million will be allocated to staking rewards, $16 million for play-to-earn incentives, $8 million for an ecosystem fund, and $2.6 million for advisors.
It is worth noting that this is not the first unlock for AXS tokens. In July, 3.4 million AXS tokens worth $16.3 million entered the market, causing the price of AXS to drop by almost 10%. This upcoming unlock will undoubtedly attract attention from investors and traders as they observe its impact on the token’s price and market dynamics.
Another significant token unlock is set to take place on October 30, by the project Optimism. The unlock will involve the release of 24.2 million OP tokens, equivalent to 3% of its circulating supply. These tokens are valued at $35.3 million. Core contributors will receive $18.6 million, while $16.7 million will be allocated to investors.
The OP token has displayed resilience in the past, especially after token unlocks. Following the unlock in September, the token experienced an 8% increase in price, reaching $1.45. This positive performance can be attributed to Optimism’s recent successful private token sale, which raised an impressive $162 million. Additionally, an upcoming $26 million airdrop is anticipated to further support the token’s value.
Aptos, a growing project in the cryptocurrency market, is also set to release its tokens this October. On October 12, Aptos will unlock 4.5 million APT tokens, making up 1.91% of its circulating supply. These tokens have an approximate value of $26 million. Most of the tokens, $18.4 million, will be allocated to the community, while the Aptos Foundation will receive $7.6 million.
The recent token unlocks in September have contributed to Aptos’ significant growth. In just one week, the APT token’s price rose by over 7%, currently trading at $5.66. The project has also achieved notable milestones, including integrating with Sushi decentralized exchange, adding Coinbase Pay to the crypto wallet Petra, and launching a $1 million fund to support Aptos DeFi protocols. Additionally, Aptos Labs partnered with Universal Pictures, offering a unique web3 fan experience for the movie “The Exorcist: Believer.”
Other Projects to Watch Out For
Apart from the aforementioned projects, several other ventures are also preparing to release their tokens in October. Some notable ones include:
– ApeCoin ($19.7 million)
– Sui ($17.2 million)
– ImmutableX ($11 million)
– dYdX ($4.5 million)
As we move into November, Avalanche is expected to hold a token unlock. On November 24, approximately $93.5 million worth of AVAX tokens, equivalent to 2.7% of the circulating supply, will be released. This release has the potential to significantly impact the market and attract attention from investors and traders.
Overall, the cryptocurrency market is abuzz with anticipation as October brings forth several major token releases. These token unlocks have the potential to reshape the market dynamics and provide exciting opportunities for investors. It will be interesting to observe how these releases affect the prices and values of the respective tokens, as well as their long-term market performance.