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In October 2024, approximately $2 billion worth of tokens are expected to be released in the cryptocurrency market. The most notable release will be Celestia’s TIA tokens, valued at $1.1 billion. This event is anticipated to create significant selling pressure on the market, potentially leading to a decrease in prices.
TIA Coin Release Details
Celestia is designed as a modular blockchain network aimed at facilitating network creation. According to DropsTab, Celestia will release 175.75 million TIA tokens on October 31. These tokens will be distributed to early users of Celestia, research and development teams, and various participants from Series A and B fundraising rounds. The expected $1.1 billion release may lead to severe market pressure, making short positions on TIA Coin increasingly costly, with high volatility likely until the release date.
Currently, the TIA token is trading at $6.32, having peaked at $20.91 on February 10, 2024.
Cheelee’s Significant Token Release
While Celestia’s token release is a major event in October, the Web3-based social network Cheelee will also release $300 million worth of CHEEL tokens on October 10. These tokens will be distributed to the project’s advisors, marketing team, and other key contributors. Concerns regarding the market stability of the CHEEL token have arisen, as its value dropped from $16 to $12 shortly after the tokens became available for withdrawal on September 24.
Cheelee paused withdrawals on September 20 due to updates being prepared for the social media application, causing market fluctuations. After the resumption of withdrawals, price volatility highlighted potential instability.
Other Significant Token Releases
Apart from Celestia and Cheelee, other cryptocurrency projects such as Starknet, Aptos, Arbitrum, ImmutableX, and Axie Infinity are also set to release significant amounts of locked tokens. Throughout October, these projects are expected to release a total of $600 million worth of cryptocurrency into circulation.
Aptos, which will release tokens worth $90 million on October 12, is anticipated to have the largest unlocked offering among these projects. Other projects like Arbitrum, Axie Infinity, and GateToken are projected to circulate tokens worth between $50 million and $70 million.
As nearly $2 billion worth of cryptocurrency will be released in October, it will be interesting to observe how the market reacts to this substantial increase in supply. While some tokens like TIA and CHEEL may experience depreciation, others might follow a more stable trajectory depending on investor sentiment and market conditions.
The token releases mentioned above could create significant movements within the cryptocurrency market. It is advisable for participants to pay close attention to the values of the released tokens and the market’s responses.
