- Token unlocks on Aptos, Injective, Optimism, SUI, and Axie Infinity are scheduled for January.
- The unlock value of these tokens exceeds $518 million according to data from TokenUnlocks.
- Large volume unlocks usually lead to a correction in asset prices.
Crypto token unlocks are events that influence cryptocurrency prices. Typically, a breakout increases the volume of assets in circulation, which contributes to selling pressure. Unlocks on Aptos (APT), Injective (INJ), Optimism (OP), SUI, and Axie Infinity (AXS) are scheduled for January 2024.
Also read: Ethereum Price Could Rebound as ETH Supply on Exchanges Hits All-Time Low
APT, INJ, OP, SUI and AXS token unlocks scheduled for January
Prices of APT, INJ, OP, SUI and AXS crypto tokens are recovering ahead of token unlock events scheduled for January 2024. The unlocks increase the circulating supply of the asset and offer market participants the opportunity to unload their holdings, which weighs on cryptocurrency prices.
Cryptocurrencies face $518 million in token unlocks in January, according to data from TokenUnlock.
24.84 million SUITABLE Tokens worth $234.76 million will be unlocked on January 12. The unlocking will offer 1.33 million APT to the Foundation, 3.21 million to the community, 11.88 million to core contributors and 8.42 million to investors.
The 234.76 million dollars SUITABLE unlocking the token could drive down the price of the asset. At the time of writing, the APT price is $9.4846, up 34% in the last month and almost 2% in the last week. APT price is likely to drop; after the unlock on November 12 it fell almost 20% and in the week following December 12 it fell almost 17%, as seen in the graph below.
APT/USDT 1-day chart
INY The price is up almost 6% ahead of the January 21 unlock event. 3.67 million INJ tokens will be unlocked soon; The previous unlock was on August 21, 2023.
INJ advisors and team will receive 333,330 INJ and 3.33 million INJ tokens respectively.
Optimism unlock is scheduled for January 30, 2024 and 24.16 million OP tokens worth $87.7 million are likely to enter circulation. Top contributors and investors will receive the unlocked tokens.
On January 3, 2024, 34.62 million SUI worth $27.88 million will be unlocked. The previous unlock event on December 31 unlocked 4 million SUI tokens worth $3.22 million. SUI price rose almost 10% last week.
Axie Infinity will unlock 3.43 million AXS tokens worth $31.24 million on January 18, 2024. The previous unlock occurred on October 20, 2023. At the time of writing, the AXS price is $8.83. The asset yielded monthly gains of 36% for holders.
