The cryptocurrency market is preparing for a major release of locked-up digital tokens, called “unlocks”, this week. From October 6 to October 13, these unlocks valued at $3.14 billion, could affect prices and trading as the tokens become available for use or sale.
Aethir (ATH) is at the top of the list, followed by LINEA, Avalanche (AVAX), Aptos (APT), Movement (MOVE), and many other big cryptocurrency projects.
Aethir (ATH) tops with 1.37B token unlock
Aethir (ATH) will see the largest release, with 1.37 billion tokens worth $75.07 million by October 12. At the time of writing, ATH was trading at $0.05466, down 15.76% over the past one week, with a market capitalization of $667.52 million.
LINEA and Aptos follow
LINEA will unlock 1.08 billion tokens, worth $29.51 million, on October 10, representing a 6.98% addition to its circulating supply.
Aptos comes next with an unlock of 11.31 million tokens, worth $60.17 million, on October 11, representing a 1.61% addition to its circulating supply. Aptos is currently priced at $5.36, with a price rise of 26.17% in a week, with a market cap of $3.78 billion.
Other unlocks: MOVE, HOME, BABY, BB, and IO
Movement (MOVE) will release 50 million tokens, worth $5.74 million, on October 9. Currently, it is trading at $0.1153, down 0.37% from the past day, with a $317.32 million market cap. On October 10, HOME is set to unlock 261.21 million tokens, worth $7.76 million, and Babylon (BABY) will unlock 321.60 million tokens, worth $17.34 million. Currently, BABY is trading at $0.05286 with a market cap of $141.47 million.
Further, Bounce Bit (BB) will release 44.32 million tokens, worth $8.69 million, on October 10. io.net (IO) will unlock 13.96 million tokens worth $7.86 million tokens on October 11.
SUI unlocks 44M of $143.42M
The token unlocks follow SUI, which on October 1, unlocked 44 million tokens worth $143.42 million. Currently, SUI is trading at $3.64, with a $13.2 billion market cap and $1.05 billion trading volume.
Outlook
Token unlocks are a standard practice in the crypto industry, often used to support team members, advisors, and early investors over a set period of time. This mechanism is designed to secure a project’s long-term interest by preventing a sudden market dump.
The release of new tokens do affect the price movements. If a large number of people choose to sell these new tokens, prices may decrease, resulting in a bearish trend. Conversely, if there is strong demand and many people buy the tokens, prices could increase, leading to a bullish trend.