As October unfolds, the cryptocurrency market is gearing up for a series of significant token unlocks that have the potential to reshape the landscape for several prominent projects. ICO Drops, a cryptocurrency news and analysis platform, recently reported on the scheduled token unlocks for $APE, $AXS, $ID, and $CTSI tokens, shedding light on the implications of these events.
This week 4 projects ( $APE, $AXS, $ID, $CTSI ) will unlock tokens totaling over $87 million in value.$APE – 15.6 million tokens ($16.74 million) – October 17$AXS – 15.13 million tokens ($64.89 million) – October 20$ID – 18.49 million tokens ($3.44 million) – October 22$CTSI… pic.twitter.com/lvrBvnxnqX
— ICO Drops (@ICODrops) October 16, 2023
Kicking off this token unlocking spree is ApeCoin (APE) followed suit on October 17, unveiling 15.6 million tokens with an approximate value of $16.66 million. Currently, ApeCoin is priced at $1.07 with a 24-hour trading volume of $ 20,913,325.
Axie Infinity (AXS) is poised for a significant unlocking event on October 20, where 15.13 million tokens will become available, amounting to a staggering $64.59 million. The live price of Axie Infinity (AXS) today is $4.35, with a 24-hour trading volume of $31.3M. This represents a 1.12% price increase in the last 24 hours and a -2.47% price decline in the past 7 days.
SPACE ID token (ID) joined the fray on October 22, unlocking 18.49 million tokens worth approximately $3.41 million. SPACE ID token (ID) currently trades at $0.186431 per (ID/USD), boasting a market cap of $73.37 million, with a 24-hour trading volume reaching $12.67 million.
Cartesi (CTSI) token is also set to release 21.43 million tokens ($2.8 million) million tokens, valued at approximately $2.8 million on October 23. Currently, the live price of Cartesi (CTSI) stands at $0.131687, with a 24-hour trading volume of $4,118,356.47.
While these scheduled unlocks have the potential to bring substantial amounts of cryptocurrency into circulation, it’s crucial to note that their actual impact may not mirror the calculated percentages precisely. Market dynamics, investor sentiment, and external factors influence how these tokens are utilized or traded.
In October, several projects will see token unlocks exceeding $10 million, with Axie Infinity leading. The magnitude of these events, particularly Axie Infinity’s, could potentially disrupt the market if all unlocked tokens were to be sold simultaneously, with a potential price impact exceeding 10%.
As these unlocking events unfold, cryptocurrency enthusiasts and investors will be closely watching to see how the market responds and whether these projects can maintain stability amidst the changing tides of token supply. October promises to be eventful in the crypto world, with unlocking tokens at the center of attention.
