In the first months of 2024, token unlocks will bring more than $600 million of liquidity into the market. Aptos (APT), Injective (INJ), and Optimism (OP) are the top three projects with the highest number of unlocks.
The holiday season is over and cryptocurrency projects are set to perform massive token unlocks. Token unlocking causes many previously locked tokens to enter circulating supply.
As a result, token supply may increase, which may have a negative impact on the price.
$235 Million Aptos Unlocked: Largest Token Unlock in January 2024
Aptos plans to unlock 24.84 million APT tokens on January 12, 2024. These tokens constitute 8.08% of the circulating supply.
The distribution of $234.76 million worth of tokens is as follows:
- 1.33 million tokens worth $12.6 million for the foundation.
- 11.88 million tokens worth $112.22 million for core contributors.
- 8.42 million tokens worth $79.61 million for investors.
- 3.21 million tokens worth $30.34 million for the Aptos community.
Last month, on December 12, 2023, the project unlocked the same amount of tokens. The screenshot below shows an 18.72% drop in APT price in just 6 days after unlocking.
Likewise, the price declined even after the token was unlocked in November 2023.
Read more: The Definitive Guide to Aptos Cryptocurrency (APT) and the Network
Unlock Injective’s final token
The screenshot below shows that 96% of INJ’s supply has already been unlocked. Finally, the last unlock will occur on January 21, 2024.
The project will unlock 3.67 million INJ tokens worth $136.73 million.
That is, the assignment is:
- 333,330 tokens worth $12.43 million for advisors.
- 3.33 million INJ tokens worth $124.3 million for the team
Optimism plans to release 2.65% of its circulating supply at the end of January.
The screenshot below shows that Optimism will unlock 24.16 million OP tokens on January 30, 2024. $87.7 million worth of tokens will be allocated to:
- 12.75 million OP tokens worth $46.28 million for teams
- 11.41 million OP tokens worth $41.41 million for investors
Additionally, the project will linearly unlock 333,330 OP tokens per day for the next 90 days. Based on the current market price, the token price is $1.24 million.
Read more: Optimism vs. Arbitrum: Ethereum Layer 2 Rollup Comparison
Around 28 projects will be unlocking tokens this month. Moreover, the market is awaiting a final decision from the Securities and Exchange Commission (SEC) on some spot Bitcoin exchange-traded funds (ETFs).
These events are likely to increase 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? Write to us or join the discussion in our Telegram channel. TikTok, Facebook or X (Twitter).
Latest information from BeInCrypto bitcoin (BTC) analysis, Click here.
disclaimer
In compliance with Trust Project guidelines, BeInCrypto is committed to unbiased and transparent reporting. These news articles aim to provide accurate and timely information. However, before making any decisions based on this content, readers are encouraged to check the facts and consult with experts. Our Terms of Use, Privacy Policy and Disclaimer have been updated.