According to the data compiled by BeInCrypto, over $174 million worth of tokens will be unlocked this month. But how will the market react?
Bitcoin (BTC) is struggling near $26,000, and altcoins are slowly bleeding. And with major unlocks scheduled for some altcoins, there may be more potential downside.
ApeCoin (APE) Will Unlock 11% of Circulating Supply
ApeCoin has already unlocked 50% of its supply. However, the remaining vesting schedule might add to the woes of the token holders.
According to data from TokenUnlocks, ApeCoin will unlock 40.60 million tokens, worth $58.47 million, on Sept. 17. The unlock makes up 11.02% of the circulating supply.
The project will unlock APE tokens for the following seven beneficiaries:
- 2.22 million tokens worth $3.20 million for Yuga Labs founder.
- 25 million tokens worth $36 million for “Launch Contributors 1”
- 757,580 tokens worth $1.09 million for “Launch Contributors 2”
- 833,330 tokens worth $1.20 million for “Launch Contributors 3”
- 277,780 tokens worth $400,000 for charity.
- 7.34 million tokens worth $10.58 million for Treasury.
- 4.17 million tokens worth $6 million for Yuga Labs.
$33 Million Optimism (OP) Token Unlock in September
On Sept. 30, Optimism will unlock 3.03% of its circulating supply, consisting of 24.16 million OP tokens. Moreover, the OP token unlocks could add a potential selling supply worth $33.34 million.
Optimism will allocate the fresh tokens to core contributors and investors. 12.75 million tokens worth $17.60 million will be unlocked for core contributors, while 11.41 million OP tokens worth $15.74 million will be unlocked for investors.
A similar portion was unlocked this week on Wednesday. Afterward, the OP price fell by around 7.73%.
As of writing, the OP token is trading at $1.383. The screenshot below shows that it has major support at $1.365. A breach of the support could result in a head and shoulders breakdown, leading to a further price downfall.
Aptos (APT) Will Unlock Nearly 2% of Circulating Supply
The screenshot below shows that the upcoming unlock for APT is scheduled for Sept. 12. Henceforth, the project will release 4.54 million tokens worth $25.22 million for the foundation and the community.
1.33 million tokens worth $7.40 million will be released for the foundation, while 3.21 million tokens worth $17.82 million will be released for the community.
The first major unlock for September falls on Sunday. On September 3, Sui will release 34.62 million SUI tokens worth $17.43 million for the community access program. Given these points, the tokens contribute 4.37% to the circulating supply.
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Disclaimer
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content.
Source: https://beincrypto.com/projects-scheduled-token-unlocks-september/