Market
Find Out Top 5 Token Unlocks of September 2024
In September, the crypto market is poised for significant activity as approximately $1.73 billion worth of tokens are set to be unlocked.
BeInCrypto has highlighted the top five unlocks that will introduce a substantial influx of assets into the market.
September’s Token Unlocks: What to Expect in the Crypto Market
Data from TokenUnlocks indicates that approximately $418.53 million of this month’s token unlocks are classified as cliff unlocks. In the context of token unlock events, cliff refers to tokens set to release on a schedule that’s more periodic than daily, such as weekly, monthly, or yearly.
Since token unlocks introduce previously unavailable tokens into circulation, investors and traders closely monitor these events because they affect the market environment. While some view these events as growth opportunities, they also carry the risk of increased selling pressure. Analysts at TokenUnlocks warn that the notion of “unlocks being bullish” is not always accurate.
“It’s essential to recognize that absorbing such a large supply will require substantial liquidity. The broader market will need to step in to absorb this influx, which could lead to increased selling pressure as these tokens seek out liquidity,” they wrote.
This month’s most significant cliff token unlocks include Sui (SUI), Immutable (IMX), Aptos (APT), Arbitrum (ARB), and Optimism (OP).
Sui (SUI)
On September 1, Sui will unlock 64.19 million tokens. These tokens, worth approximately $51.6 million, account for 2.47% of its circulating supply. The distribution of these tokens will be as follows:
- Series A: 19.84 million SUI ($15.95 million)
- Series B: 19.32 million SUI (15.53 million)
- Early contributors: 10.34 million ($8.31 million)
- Mysten Labs treasury: 2.07 million SUI ($1.66 million)
- Community reserve: 12.63 million SUI ($10.15 million)
Read more: Everything You Need to Know About the Sui Blockchain
Immutable (IMX)
Following Sui, Immutable will release 32.47 million IMX tokens on September 6. These tokens, worth roughly $47.41 million, translate to 2.06% of IMX’s circulating supply. They will be distributed to the ecosystem and project developments, with the details as follows:
- Ecosystem development: 15.91 million IMX ($23.24 million)
- Project development: 16.56 million IMX ($24.18 million)
Aptos (APT)
Aptos’ unlock on September 11 will see 11.31 million APT tokens enter the market. This figure equals 2.33% of APT’s total supply, with a total value of $76.68 million.
The distribution of these tokens will be as follows:
- Foundation: 1.33 million APT ($9.04 million)
- Community: 3.21 million APT ($21.76 million)
- Core contributors: 3.96 million APT ($26.84 million)
- Investors: 2.81 million APT ($19.04 million
Arbitrum (ARB)
On September 16, Arbitrum will release 92.65 million ARB tokens, worth $47.48 million. This significant unlock represents 2.65% of ARB’s circulating supply. The distribution of these tokens will be as follows:
- Team, future team, and advisors: 56.13 million ARB ($23.77 million)
- Investors: 36.52 million ARB ($18.72 million)
Optimism (OP)
Finally, on September 30, Optimism will unlock 31.34 million OP tokens, valued at $44.51 million. These tokens will be allocated to core contributors and investors, supporting the project’s long-term sustainability. The breakdown of this token unlock allocation will be as follows:
- Core contributors: 16.54 million OP ($23.49 million)
- Investors: 14.80 million OP ($21.02 million)
Read more: Optimism vs. Arbitrum: Ethereum Layer-2 Rollups Compared
Beyond these major unlocks, the market will also see cliff token unlocks from other notable projects in September, including dYdX (DYDX), ZetaChain (ZETA), and ApeCoin (APE). Additionally, Xai (XAI), Stark (STRK), ApeCoin (APE), Pixels (PIXEL), and Yield Guild Games (YGG) also stand out.
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. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
On Friday, Solana (SOL) soared to a new all-time high (ATH), now trading at approximately $261. This breakthrough surpasses its previous peak set in November 2021.
Solana’s rise to a new ATH marks an increase of over 32 times from its lows recorded in December 2022.
Solana Hits All-Time High as Gary Gensler Plans Resignation
Solana’s path to this new high has been anything but smooth. After reaching its previous high in 2021, the platform faced a downturn in 2022 amid a broader crypto bear market, further exacerbated by technical issues and network downtimes.
The collapse of FTX in November 2022 pushed Solana’s price down to around $8.
However, Solana has since made a remarkable recovery, increasing more than 32-fold from its low. Now, Solana enthusiasts believe that SOL could eventually outpace Ethereum (ETH) in market capitalization.
“Solana has been at an all-time high by market cap for a while actually. Now, we’re finally in price discovery. The flippening is coming,” Birch, the founder of PathCrypto, said.
The surge in Solana’s market value coincides with the news of SEC Chairman Gary Gensler’s planned resignation, slated for January 20, 2025, as Donald Trump assumes office.
Known for his strict regulatory stance on cryptocurrencies, Gensler’s departure signals a potential shift toward a more crypto-friendly administration. Consequently, this political change is stoking speculations about the approval of a Solana exchange-traded fund (ETF). According to Fox Business journalist Eleanor Terrett, the SEC has begun engaging with issuers to explore the possibility of a Solana ETF.
“Talks between SEC staff and issuers looking to launch a Solana spot ETF are “progressing” with the SEC now engaging on S-1 applications. Recent engagement from staff, coupled with the incoming pro-crypto administration, is sparking a renewed sense of optimism that a Solana ETF could be approved sometime in 2025,” Terrett claimed.
Previous efforts to launch a Solana ETF were stalled by regulatory roadblocks, often stopping early in the process. However, the changing political environment and the SEC’s increased openness have reignited hopes within the crypto community. Recent filings for a Solana ETF by Canary Capital and BitWise reflect a growing interest and anticipation for regulatory approval.
Despite these encouraging developments, the odds of a Solana ETF approval in 2024 remain low, with Polymarket estimates placing it at around 4%.
Meanwhile, the crypto community is also closely watching Bitcoin as it approaches the highly anticipated $100,000 mark. On Friday, Bitcoin recorded a new high of about $99,300. This milestone is viewed as a pivotal moment for Bitcoin and could impact other cryptocurrencies, including Solana.
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. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
XRP price rallied above the $1.15 and $1.20 resistance levels. The price is up over 25% and might rise further above the $1.420 resistance.
- XRP price started a fresh surge above the $1.20 resistance level.
- The price is now trading above $1.250 and the 100-hourly Simple Moving Average.
- There was a break above a key bearish trend line with resistance at $1.1400 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair is up over 25% and it seems like the bulls are not done yet.
XRP Price Eyes Steady Increase
XRP price formed a base above $1.050 and started a fresh increase. There was a move above the $1.150 and $1.20 resistance levels. It even pumped above the $1.25 level, beating Ethereum and Bitcoin in the past two sessions.
There was also a break above a key bearish trend line with resistance at $1.1400 on the hourly chart of the XRP/USD pair. A high was formed at $1.4161 and the price is now consolidating gains. It is trading above the 23.6% Fib retracement level of the upward move from the $1.0649 swing low to the $1.4161 high.
The price is now trading above $1.30 and the 100-hourly Simple Moving Average. On the upside, the price might face resistance near the $1.400 level. The first major resistance is near the $1.420 level. The next key resistance could be $1.450.
A clear move above the $1.450 resistance might send the price toward the $1.50 resistance. Any more gains might send the price toward the $1.550 resistance or even $1.620 in the near term. The next major hurdle for the bulls might be $1.750 or $1.80.
Are Dips Supported?
If XRP fails to clear the $1.420 resistance zone, it could start a downside correction. Initial support on the downside is near the $1.3350 level. The next major support is near the $1.2850 level.
If there is a downside break and a close below the $1.2850 level, the price might continue to decline toward the $1.240 support or the 50% Fib retracement level of the upward move from the $1.0649 swing low to the $1.4161 high in the near term. The next major support sits near the $1.20 zone.
Technical Indicators
Hourly MACD – The MACD for XRP/USD is now gaining pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now above the 50 level.
Major Support Levels – $1.3350 and $1.2850.
Major Resistance Levels – $1.4000 and $1.4200.
ETF issuer WisdomTree’s European division just announced a new ETP based on XRP. This product is currently available in four EU countries, which has led XRP’s price to jump slightly.
ETPs are a common issuer strategy to earn revenue without ETF approval, but Europe will not necessarily approve one even if the US does so.
WisdomTree’s XRP ETP
WisdomTree, one of the Bitcoin ETF issuers in the US, announced that its European branch is offering an exchange-traded product (ETP) based on XRP. This new product is currently available in Germany, Switzerland, France, and the Netherlands. A growing number of issuers have filed for an XRP ETF, but WisdomTree is taking a slightly different tack.
“The WisdomTree Physical XRP ETP offers a simple, secure, and low-cost way to gain exposure to XRP, one of the largest cryptocurrencies by market capitalization. Backed 100% by XRP, XRPW is the lowest-priced XRP ETP in Europe, providing direct spot price exposure,” the announcement claimed.
The possibility of an official XRP ETF is growing with the current bull market, and Ripple CEO Brad Garlinghouse considers it “inevitable.” Still, it hasn’t happened yet, and ETP offerings allow issuers to somewhat address customers’ requirements. BitWise, which has also filed for an XRP ETF in the US, recently acquired a European ETP issuer to enter the same market.
WisdomTree, however, is no stranger to this market strategy. In May this year, it won approval to offer ETPs based on Bitcoin and Ethereum to British investors.
The UK has not yet approved a full ETF for either of these assets, but WisdomTree still gained market access. Even a fraction of the XRP market could also prove lucrative; the asset’s value spiked today.
WisdomTree Europe’s strategy page does not describe any further actions upon full approval. Even if the US approves an XRP ETF under the SEC’s new leadership, that won’t necessarily benefit WisdomTree’s European branch. For now, these ETPs built on XRP will have to suffice for this market.
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. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
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