There are important developments for 5 altcoins. AXS, OP, APT, APE and IMX are set for token unlocking in October. Altcoin Buzz host Marti thinks investors should pay attention to unlocking events. The value of the affected tokens is likely to decrease as a result of the upcoming token unlocks.
These 5 altcoin tokens will unlock
According to Marti, host of the Altcoin Buzz YouTube channel, some cryptocurrency tokens will soon be involved in major token unlocks. Additionally, investors need to be careful and manage their investments in such tokens. Marti describes some of these crypto tokens and details their unlocking programs.
In first place is the altcoin Axie Infinity (AXS). According to Marti, Axie Infinity is slated to be unlocked for October. Accordingly, the unlocking that will take place on October 20 is 11.5% of the circulating supply. Marti stated that 11.5% of the AXS supply corresponded to 15.13 million AXS, equivalent to $68.28 million as of the date of the presentation.
How will unlocking the token affect investors?
According to Marti, Axie Infinity will have quarterly unlocks, two major and two minor. Additionally, minor token locks will represent staking rewards. It should be noted that Axie Infinity has already unlocked 70% of the altcoin AXS tokens. On the other hand, Marti emphasizes that this is a good development for the project community.
However, Marti observed the impact of token unlocking on the value of crypto tokens. Accordingly, he noted that the crypto token price dropped significantly shortly before the last major unlocking exercise of altcoin Axie Infinity in April. Users need to be aware of this. He also thinks he needs to take precautions ahead of the upcoming unlocking.
Optimism and Aptos
According to Marti, Optimism (OP) is about to launch its 3.03% monthly tokens. The event will take place on October 30. Accordingly, it will inject 24.16 million new altcoin OP tokens into the project’s ecosystem. The current value of the tokens to be injected is $32.86 million. Optimism has only unlocked 18% of its total supply so far. On the other hand, the last OP tokens will be available in May 2027. Marti had already entered the token unlock season. Accordingly, Marti detects a recent decline in the OP price since August.
Altcoin Aptos (APT) has scheduled an unlock event on October 12 to release 1.91% of its circulating supply. This amount corresponds to 4.54 million altcoins APT worth $24.53 million. Marti confirmed this as the third largest unlock event planned for October 2023. The Altcoin Buzz host expects APT to take a bit of a hit over the next few months, following a series of unlock events planned for that period.
Altcoins ApeCoin (APE) and ImmutableX (IMX)
ApeCoin (APE) is actively participating in unlocking activities, with another unlocking program planned for October, following its unlocking program last September. Marti notes that October’s unlocking was smaller. On the other hand, he emphasizes that the project will correspond to 4.23% of the circulating supply. This program will include 16.3 million altcoins APE, equivalent to $17.3 million.
According to Marti, altcoin ImmutableX (IMX) has the fifth largest unlock in USD terms planned for October. Unlocking application is today, October 7th. Accordingly, this will happen when 1.95% of IMX’s circulating supply will be added to the project’s network. This will be added to the 59.5% of supply already unlocked. Additionally, today’s token unlock represents a monthly allocation of 18.08 million IMX. This corresponds to approximately 10.37 million dollars when we look at cryptokoin.com.
