$1.1B TIA Token Release Fuels October Crypto Unlock Surge

On October 31, $1.1 billion worth of Celestia tokens will become available, and on October 10, $300 million worth of Cheelee will be issued.

October will see the release of nearly $2 billion from significant projects, with 175.75 million Celestia, or $1.1 billion at current market value, making up a substantial portion of the month’s total unlocks.

On October 31, $1.1 billion in Celestia TIA$6.34 will be released, according to cryptocurrency vesting tracker DropsTab. The project’s original core contributors, research and development, Series A and B investors, and seed round investors receive tokens.

A modular data availability network called Celestia assists users in starting their blockchains. The project’s founders stated in 2022 that their goal was to make blockchain deployments just as simple for developers as implementing smart contracts.

The project gained significant traction in the last quarter of 2023, driving the price of TIA to an all-time high of $20.85 on February 10. Since then, the price has been declining, according to data from Cointelegraph Markets Pro, and it is currently at $6.51.

Significant token releases in October

In addition to TIA, on October 10, the Web3 social network initiative Cheelee—which pays members to watch videos—is expected to release $300 million worth of vested cryptocurrency tokens. The project’s advisors, reserve fund, marketing, liquidity, team, community airdrop, and private round investors are allotted tokens, according to DropsTab data.

The social app banned withdrawals for its rewards on September 20 to prepare for an update. Withdrawals were then enabled on September 24. Cheelee CHEEL$12.97 were available on the first day of withdrawals, down from $16.

Other prominent unlocks in October include GateToken (GT), Aptos (APT$8.08), Arbitrum (ARB$0.6346), Axie Infinity (AXS$5.33, ImmutableX (IMX$1.77), Starknet (STRK$0.4798), Internet Computer (ICP$9.35), and Athena Labs (ENA$0.3517), aside from TIA and CHEEL, which account for 70% of all token unlock. Thanks to these ventures, the market will be able to access about $600 million worth of cryptocurrency.

On October 12, Aptos plans to distribute $90 million of APT tokens. The project’s foundation, principal backers, investors, and community will all receive it.

The unlocks for Axie Infinity, ImmutableX, GateToken, and Arbitrum range from roughly $50 million to $70 million, while the crypto unlocks for Starknet, Internet Computer, and Ethena Labs range from $20 to $30 million.