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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