During the first month of 2024, more than $600 million worth of liquidity will enter the market through token unlocks. Aptos (APT), Injective (INJ), and Optimism (OP) are the top three projects with the highest unlocks.
The holiday season is over, and the crypto projects are set to conduct massive token unlocks. Due to token unlocks, many tokens that were locked earlier will enter the circulating supply.
Hence, it increases the supply of the token, which might have a negative impact on the price.
$235 Million Aptos Unlock: The Largest Token Unlock of January 2024
Aptos has scheduled the unlock of 24.84 million APT tokens on January 12, 2024. These tokens consist of 8.08% of the circulating supply.
The distribution of these tokens worth $234.76 million is as follows:
1.33 million tokens worth $12.60 million for the Foundation.
11.88 million tokens worth $112.22 million for the core contributors.
8.42 million tokens worth $79.61 million for the investors.
3.21 million tokens worth $30.34 million for the Aptos community.
Last month, on December 12, 2023, the project unlocked the same token amount. The screenshot below shows that APT’s price declined by 18.72% in six days after the unlock.
Similarly, the price also declined after the November 2023 token unlocks.
Read more: An Ultimate Guide to Aptos Cryptocurrency (APT) and Its Network
Final Token Unlock of Injective
The screenshot below shows that 96% of the INJ supply has already been unlocked. Finally, the last unlock will take place on January 21, 2024.
The project will unlock 3.67 million INJ tokens worth $136.73 million.
That being said, the allocation is as follows
333,330 tokens worth $12.43 million for advisors.
3.33 million INJ tokens worth $124.30 million for the team
Optimism Will Release 2.65% of Circulating Supply at the End of January
The screenshot below shows that Optimism will unlock 24.16 million OP tokens on January 30, 2024. The tokens worth $87.70 million will be allocated to:
12.75 million OP tokens worth $46.28 million for the team
11.41 million OP tokens worth $41.41 million for the investors
Additionally, the project will conduct a linear unlock of 333,330 OP tokens every day for the next 90 days. Based on the current market price, the tokens cost $1.24 million.
Read more: Optimism vs. Arbitrum: Ethereum Layer-2 Rollups Compared
This month, around 28 projects will conduct token unlocks. Moreover, the market is awaiting the Securities and Exchange Commission’s (SEC’s) final decision on some of the spot Bitcoin exchange-traded funds (ETFs)
Due to these events, there are chances of high monthly volatility.
Read more: How To Prepare for a Bitcoin ETF: A Step-by-Step Approach
Do you have anything to say about token unlocks in January or anything else? Write to us or join the discussion on our Telegram channel. You can also catch us on TikTok, Facebook, or X (Twitter).
For BeInCrypto’s latest Bitcoin (BTC) analysis, click here.
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.
Be the first to comment