SUI, Aptos and ApeCoin holders gear up for $204 million token unlocks in November
- SUI, Aptos and ApeCoin token unlocks are lined up for the first two weeks of November.
- A total of $204 million worth of assets are set to enter circulation following the unlock events.
- SUI, APT and APE holders can expect volatility in asset prices in the short term.
Crypto token unlocks are typically considered bearish events for asset prices. Unlocked tokens enter circulation, increasing the selling pressure on the asset across cryptocurrency exchange platforms.
SUI (SUI), Aptos (APT) and ApeCoin (APE) token unlock events are scheduled on November 3, 12 and 17, respectively.
Also read: Ripple makes comeback to $0.60 after XRP held by retail traders notes a significant increase
SUI tokens worth $15.5 million to enter circulation on November 3
SUI, a decentralized Layer 1 blockchain that uses delegated Proof-of-Stake consensus mechanism, has a token unlock event scheduled for November 3. In this Cliff unlock event, scheduled to occur on a specific date, 34.62 million SUI tokens worth $15.5 million are set to be unlocked. This volume of token represents nearly 3.5% of the asset’s supply.
The unlocked SUI will be directed towards the Community Access Program, according to information provided by token.unlocks.app. SUI price is $0.4389 on Binance, at the time of writing. The asset has yielded 1.11% losses on the day and the price is nearly unchanged over the past week.
Traders can expect volatility in SUI prices closer to the unlock event. Find out more about price targets here.
APT token unlock: $169.92 million in Aptos tokens to enter circulation
APT tokens worth $169.92 million, representing 10.03% of the circulating supply of the asset, are set to enter circulation on November 12. This is another Cliff unlock event and the 24.84 million unlocked APT tokens will be distributed to the foundation, core contributors, investors and the community.
A percentage of the unlocked tokens are likely to hit cryptocurrency exchanges, thereby increasing the selling pressure on the asset and driving the price lower.
Aptos token unlock details for November 12 event
APE tokens worth $20.13 million lined up for unlock
On November 17, 15.6 million ApeCoin tokens are set to be unlocked. The unlock is representative of 4.23% of the circulating supply. APE token unlocks have previously negatively influenced the asset’s price, inducing volatility in the short term.
Founders, launch contributors, charity, treasury and Yuga Labs are the beneficiaries of the token unlock event. APE price is $1.315 at the time of writing, after rallying 7% over the past week. The unlock event is likely to erase APE weekly gains in the short term, as seen in previous unlock events.
Unlock events could offer sidelined investors an opportunity to enter positions in assets, taking advantage of the short term volatility.
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
