Crypto market brace for $3.46 billion unlocks next month amid potential Uptober FOMO
- Token Unlocks data reveals a massive supply injection worth $3.46 billion, awaiting the crypto market in October.
- Celestia will add a new supply worth $1.12 billion, marking the highest unlock for the month.
- Solana and Worldcoin will also release locked tokens worth $360 million and $336 million, respectively.
The crypto market is set for a loaded month of October as Token Unlock's data indicates an upcoming $3.46 billion supply injection among various projects, including Celestia (TIA), Solana (SOL) and Worldcoin (WLD).
SUI leads crypto unlocks for next week, October to witness a $3.46 billion supply addition
Several tokens will see a hike in their circulating supply next week as the crypto market prepares for larger unlocks throughout October.
The tokens set for cliff unlocks next week include Sui (SUI), Optimism (OP), Zeta Chain (ZETA), dYdX (DYDX), Immutable (IMX), Maverick Protocol (MAV), Cardano (ADA) and Ethena (ENA).
The crypto market will witness $313.44 million in unlocks next week, led by SUI, which will be adding $106 million worth of its tokens to circulation. SUI's unlock volume is followed by OP and IMX, each adding new supply worth nearly $60 million through unlocks of their respective tokens.
Meanwhile, the broader crypto market expects heavy unlocks worth over $3.46 billion in the first month of Q4.
TIA will distribute the highest volume of tokens, totaling $1.12 billion, to add to its current circulating supply. Celestia secured a $100 million capital on Monday in a funding round anchored by investment firm Bain Capital. Investors from the round include 1kx, Robot Ventures, and Syncracy Capital. The funding round brought Celestia's total capital to $155 million.
Other tokens set for a massive supply addition in October include Solana and Worldcoin, which will unlock $360 million and $336 million worth of their tokens, respectively.
Uptober is just around the corner - Stay Informed, Not FOMO-Driven
— Token Unlocks (@Token_Unlocks) September 27, 2024
With $3.46B in token unlocks scheduled for the month, it’s essential to keep a close eye on the market. Key Unlocks include:
• $TIA: $1.12B
• $WLD: $336.31M
• $SOL: $360.80M
• Other tokens: $1.65B… pic.twitter.com/221NeN5MvR
During unlocks, crypto assets with high unlock activity tend to face a brief price correction when the new supply outweighs demand.
The heavy unlocks in October could stir a bit of FUD among investors looking to capitalize on the potential high market FOMO in October. The crypto market often begins an uptrend in Q4, starting from October before spiraling into other months.
Author
Michael Ebiekutan
FXStreet
With a deep passion for web3 technology, he's collaborated with industry-leading brands like Mara, ITAK, and FXStreet in delivering groundbreaking reports on web3's transformative potential across diverse sectors. In addi
