The cryptocurrency market is anticipating a significant event between January 15t and 21, 2024, with a total of $208.14 million in tokens set to be unlocked. This development is particularly notable for the cryptocurrencies INJ, AXS, and APE, which stand out in this week’s token unlock schedule.
Starting with INJ, the native token of Injective Protocol, it’s scheduled for a substantial unlock amounting to $156.19 million. This figure represents 4.35% of its current circulating supply. Despite a recent bearish trend, with INJ at $38.74, the token’s overall performance has shown an uptrend over the past week. This trend places Injective Protocol at the 28 spot on CoinMarketCap with a live market cap of approximately $3 billion.
Axie Infinity’s token, AXS, is also undergoing a significant unlock. This popular blockchain-based game, known for its unique blend of trading and battling, powered by player participation, will see $27.16 million worth of its tokens, equating to 2.53% of its circulating supply, released. As of the latest update, the price of AXS stands at $8.44, having experienced a 2% decrease in the last 24 hours. This positions Axie Infinity at the 65th rank on CoinMarketCap, with a live market cap of over $1.1 billion and a circulating supply of 132,040,367 AXS coins.
ApeCoin, denoted as APE, a governance and utility token at the heart of the APE Ecosystem, is set to unlock $22 million worth of tokens, representing 4.23% of its circulating supply. Currently, ApeCoin is trading at $1.51, with a 24-hour trading volume of $73,937,688.
In addition to these major unlocks several other tokens are also slated for release, albeit in smaller quantities. These include FLOW, with a 0.18% unlock valued at $2.13 million and NYM, with 0.52% of its circulating supply unlocking totaling $0.61 million. EUL is set for a 0.59% release amounting to $0.36 million. In addition, 1INCH will see a 0.03% unlock valued at $0.16 million.
These upcoming token unlocks are a crucial aspect of the cryptocurrency ecosystem, as they often lead to increased market activity and can influence the price and liquidity of the respective tokens. Market participants closely monitor these events for insights into potential market movements and to gauge the impact on the broader digital asset market.
