Celestia’s $1.1B Token Unlocking Fuels $2B October Crypto Wave

Coinspeaker
Celestia (TIA) $1.1B Tokens Poised to Propel October’s Crypto Unlocks Close to $2B

In October 2024, the crypto landscape is set to experience the release of nearly $2 billion in tokens, notably featuring Celestia’s $1.1 billion TIA

TIA
$6.50



24h volatility:
4.9%


Market cap:
$1.39 B



Vol. 24h:
$211.12 M

token unlock drawing the most attention. As reported by DropsTab, this modular blockchain network will unlock 175.75 million TIA tokens on October 31. These tokens are intended for Celestia’s early contributors, research and development teams, and investors from various funding rounds, including Series A and B.

This token release signifies a key achievement for Celestia, a network aimed at streamlining blockchain creation, which gained substantial momentum in late 2023. Currently priced at 6.32, TIA reached a high of $20.91 on February 10, 2024. Nevertheless, its value has since decreased and currently stands at $6.51.

Source: CoinMarketCap

$1.1B Token Unlock Generates Buzz

The unlocking of Celestia’s tokens is merely a part of the extensive token release wave scheduled for October. Another significant event is the unlocking of $300 million worth of CHEEL tokens from Cheelee, a Web3 social media platform that incentivizes users for engaging with videos, on October 10.

These tokens will be distributed to the project’s advisors, marketing teams, and other vital contributors. However, there are apprehensions regarding CHEEL’s market stability, given that its price dropped from $16 to $12 on the initial day of withdrawal access on September 24.

Cheelee’s temporary halt of withdrawals on September 20 created some market jitters as the social platform readied an update. Once withdrawals resumed, the resulting price volatility underscored ongoing concerns about stability.

Cheeleеrs, we’re gearing up for a major update!

Due to this, withdrawals of Lee from the app will be temporarily paused until Tuesday.

No need to worry, this is related to introducing a new feature — the Task Center! Soon you’ll be able to complete tasks and earn even… pic.twitter.com/7skigQRI3G

— Cheelee (@Cheelee_Tweet) September 20, 2024

Wider Implications for the Crypto Ecosystem

Beyond Celestia and Cheelee, other cryptocurrency initiatives like Starknet

STRK
$0.49



24h volatility:
2.3%


Market cap:
$870.08 M



Vol. 24h:
$190.46 M

, Aptos

APT
$8.22



24h volatility:
-1.5%


Market cap:
$4.12 B



Vol. 24h:
$251.11 M

, Arbitrum

ARB
$0.65



24h volatility:
4.2%


Market cap:
$2.36 B



Vol. 24h:
$403.97 M

, ImmutableX

IMX
$1.81



24h volatility:
-0.6%


Market cap:
$2.90 B



Vol. 24h:
$98.60 M

, and Axie Infinity

AXS
$5.45



24h volatility:
2.0%


Market cap:
$820.73 M



Vol. 24h:
$38.76 M

are also expected to unlock substantial amounts of tokens. Collectively, these projects will unleash nearly $600 million in crypto assets throughout October.

The largest release will come from Aptos, unlocking $90 million in tokens on October 12, while platforms like Arbitrum, Axie Infinity, and GateToken will also release tokens valued between $50-70 million. These releases represent a significant addition of liquidity into the market, potentially affecting token prices overall.

As October unfolds with the unlocking of nearly $2 billion in cryptocurrency, the market’s capacity to manage this influx without considerable price variations will be closely scrutinized. Although tokens like TIA and CHEEL are trending downward, others may achieve greater stability depending on investor sentiment and market conditions.

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Celestia (TIA) $1.1B Tokens Poised to Propel October’s Crypto Unlocks Close to $2B