$518 million in crypto tokens could flood exchanges in January: APT, INJ, OP, SUI, AXS unlocks

Crypto token unlocks are events that influence prices of cryptocurrencies. Typically an unlock increases the volume of assets in circulation, contributing to the selling pressure. Unlocks in Aptos (APT), Injective (INJ), Optimism (OP), SUI and Axie Infinity (AXS) are scheduled for January 2024.

Also read: Ethereum price could make a recovery as ETH supply on exchanges hits an all-time low

APT, INJ, OP, SUI, AXS token unlocks are scheduled for January

Crypto tokens APT, INJ, OP, SUI and AXS prices are rallying ahead of their token unlock events scheduled for January 2024. Unlocks increase the circulating supply of the asset and offer market participants the opportunity to shed their holdings, weighing on crypto prices.

Cryptocurrencies face $518 million in token unlocks in January, according to TokenUnlock data.

24.84 million APT tokens worth $234.76 million will be unlocked on January 12. The unlock 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 APT token unlock could push the asset’s price lower. At the time of writing, APT price is $9.4846, up 34% in the past month and nearly 2% in the past week. APT price is likely to decline, post the November 12 unlock it dropped nearly 20% and in the week following December 12 it dropped nearly 17%, as seen in the chart below.

APT/USDT 1-day chart

INJ price is up nearly 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’s 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 will likely enter circulation. Core contributors and investors will receive the unlocked tokens.

34.62 million SUI worth $27.88 million will be unlocked on January 3, 2024. The previous unlock event on December 31 unlocked 4 million SUI tokens worth $3.22 million. SUI price is up nearly 10% in the past week.

Axie Infinity is set to 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, AXS price is $8.83. The asset yielded 36% monthly gains for holders.