Coin Edition -
- AXS, OP, APT, APE, and IMX are set for token unlocks this October.
- Altcoin Buzz host, Marti, thinks investors should pay attention to the unlock events.
- Affected tokens’ value are likely to drop as a result of the upcoming token unlocks.
Certain cryptocurrency tokens will be involved in massive token unlocks soon, and investors need to pay attention and manage their investment in such tokens, according to Marti, a host of the Altcoin Buzz YouTube channel. Marti identified some of these crypto tokens, stating the details of their unlock programs.
Axie Infinity (AXS)
The first token identified by Marti is Axie Infinity (AXS). According to Marti, Axie Infinity’s unlock for October is 11.5% of their circulating supply, which would happen on October 20. He noted that 11.5% of AXS supply translates to 15.13 million AXS, equivalent to $68.28 million, as of the time of his presentation.
According to Marti, Axie Infinity has quarterly unlocks, two big and two small, with the small token unlocks representing staking rewards. He noted that Axie Infinity already unlocked 70% of their AXS tokens and thinks it is a good development for the project’s community. However, Marti observed the impact of token unlocks on the value of crypto tokens, noting that shortly before Axie Infinity’s last big unlock exercise in April, the crypto token’s price dropped significantly. He thinks users should be aware of this and take precautions ahead of the upcoming unlock.
Optimism (OP)
Optimism (OP) is about to launch its monthly 3.03% of tokens, according to Marti. The event will take place on October 30 and will inject 24.16 million new OP tokens into the project’s ecosystem. The current value of the tokens to be injected is $32.86 million. So far, Optimism has unlocked only 18% of its total supply, and the final OP tokens will be unlocked in May 2027. Marti identified a recent slump in the OP price since August, heading into the token unlock season.
Aptos (APT)
Aptos (APT) has an unlock event scheduled for October 12, to release 1.91% of their circulating supply. That amounts to 4.54 million APT, worth $24.53 million. Marti confirmed that as the third biggest unlock event scheduled for October 2023. The Altcoin Buzz host expects APT to take a bit of a hit in the next couple of months following a series of unlock events scheduled for that period.
ApeCoin (APE)
ApeCoin (APE) is actively involved in unlocks, with another unlock program scheduled for October after a recent one last September. Marti noted that the upcoming October unlock is smaller and would amount to 4.23% of the project’s circulating supply. It would involve 16.3 million APE, equivalent to $17.3 million.
ImmutableX (IMX)
ImmutableX (IMX) has the fifth biggest unlock in terms of US Dollars scheduled for October, according to Marti. The unlock exercise will happen today, October 7, when 1.95% of IMX’s circulating supply will be added to the project’s network. That would add to the already unlocked 59.5% of their supply, and today’s token unlock represents their monthly allocation of 18.08 million IMX, which translates into about $10.37 million.
The post Here Are The Top 5 Crypto Token Unlocks For October 2023 appeared first on Coin Edition.