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Join Telegram ChannelAs November approaches, the cryptocurrency market is poised for a significant token unlocking event. Token unlocking refers to the process of releasing previously locked tokens to attract investment in various projects. This article highlights some of the most important token unlocks that will take place this month.
According to a report from BeInCrypto, projects that lock some of their tokens during fundraising must carefully release them according to a specified schedule to avoid selling pressure that could negatively impact the token price.
Here are some of the major tokens unlocked for November
Celestia (TIA)
Celestia is a modular data accessibility network designed to facilitate blockchain rollouts. On October 30, the project will unlock 175.56 million TIA tokens, worth approximately $920 million, allocated to early participants. This substantial release has raised concerns about potential selling pressure, with one Twitter user stating that if Celestia's tokenomics were not so misleading, the token could reach a triple-digit valuation.
Optimism (OP)
The OP token plays an important role in the governance of the Optimism network, allowing users to participate in decisions regarding network changes and proposals. On October 31, the project will open 31.34 million OP tokens to core contributors and investors.
Sui (SUI)
Sui is a Layer 1 blockchain that uses a proof-of-stake mechanism. Its token, SUI, is essential for governance and voting on proposals. Sui's token unlock is set for November 1, releasing 64.19 million tokens to Series A and B investors, community reserve funds, and the treasury of its developer, Mysten Labs.
Immutable X (IMX)
Immutable X is a Layer 2 network on Ethereum designed for NFT token scalability. On November 1, the project will release 32.47 million IMX tokens, designated for the development of the Immutable X project and ecosystem.
Zeta Chain (ZETA)
Zetachain is a decentralized blockchain that enables seamless interoperability between different networks. The project will unlock 54 million ZETA tokens on November 1, aimed at a user growth pool, ecosystem growth fund, and liquidity incentives for contributors and advisors.
Additionally, throughout November, other projects such as dYdX, Galaxy (GAL), Cardano (ADA), and Etna (ENA) will also take part in the process of unlocking their tokens, with a total value exceeding $1.24 billion.
Additionally, Avalanche is scheduled to release 44.29 million AVAX tokens on November 16, worth approximately $44.29 million. Meme coin project MEME will unlock $48.14 million worth of tokens on November 3.
When these important events occur, investors are advised to monitor the markets closely to navigate potential volatility and make informed decisions.