November is set to witness significant token unlock events, with various cryptocurrencies, including SUI, IMX, HFT, APT, APE, AVAX, OP, and more, surpassing the $10 million threshold. In total, nearly $400 million worth of assets will be unleashed into the market.
Token Unlock: November Highlights
Kicking off the month, SUI is scheduled for release on November 3rd. Approximately 34.62 million SUI tokens, valued at around $15.9 million, are earmarked for allocation to the Community Access Program, according to TokenUnlocks website data.
The next major unlock event takes place on November 12th when Aptos, a layer 1 blockchain developed by former Meta executives, releases 24.8 million APT tokens. This event is significant as core contributors, investors, the community, and the Aptos Foundation are all set to receive portions of this allocation.
On November 17th, ApeCoin (APE) is expected to unlock 15.60 million APE tokens, currently valued at approximately $121.22 million.
Avalanche's native token, AVAX, plans its token unlock event on November 24th, with 9.54 million AVAX tokens, currently worth about $9112.50 million, entering the market.
The month concludes with Optimism (OP) on November 30th, where 24.16 million OP tokens, with an approximate value of $34.31 million, will be unlocked.
A token lockup, often referred to as a vesting period, specifies a timeframe during which tokens cannot be traded or converted into cash. The duration of this lockup period is determined by the team's strategy and can extend over several years in some cases.
The introduction of crypto tokens typically exerts selling pressure on the assets, influenced by the quantity of unlocked tokens and their entry into cryptocurrency exchanges. Historically, previous token unlocks have sometimes resulted in increased downward pressure on the market. However, with the market's recovery, a significant drawdown is not expected.