Unlock Watch: $500M+ AXS, APT, INJ, OP, SUI Unlocks Threaten January Sell-Off

As the crypto community eagerly steps into the new year, the community is abuzz with the news of impending token unlocks set to inject about $600 million worth of liquidity into the market throughout January 2024. TokenUnlocks reported that notable cryptocurrencies, including Aptos (APT), Injective (INJ), Optimism (OP), Sui (SUI), and Axie Infinity (AXS), were among those facing significant unlocks, creating both anticipation and caution within the market.

In a recent tweet, WuBlockchain, a crypto analyst, revealed substantial January unlocks, totaling over $560M.

According to TokenUnlocks, large-amount unlocks in January (more than 10 million US dollars) include SUI, APT, APE, AXS, INJ, ID, OP, etc., with an unlock value of over 560 million US dollars.https://t.co/tuQYnSlfTZ pic.twitter.com/sUoj9rhxhQ
— Wu Blockchain (@WuBlockchain) January 1, 2024

Aptos (APT), the front runner in this liquidity influx, dominated with a $235 million unlock scheduled for January 12, 2024. This event is expected to release 24.84 million APT tokens, constituting 8.08% of the circulating supply. The breakdown of the unlock distribution showcased meticulous planning, with 1.33 million tokens allocated to the Foundation, 11.88 million to core contributors, 8.42 million to investors, and 3.21 million to the Aptos community.

As the market observed, Aptos held a value of $10.16, experiencing an 8.64% increase in the 24-hour trading period. This reflected an intriguing dynamic within the Aptos ecosystem, with the token’s market cap standing at $3,127,123,428 and a 24-hour trading volume of $149,801,706.

Injective (INJ), on the other hand, faced its final chapter of unlocks with 96% of its supply already accessible. January 21, 2024, unlock will release 3.67 million INJ tokens, amounting to $136.73 million. The allocation distribution for this unlock included 333,330 tokens for advisors and 3.33 million INJ tokens for the team.

Market indicators suggested that INJ was valued at $38.82, showcasing an 8.73% increase in the 24-hour trading period. The token’s market cap stood at $3,251,470,772, with a substantial trading volume of $206,068,217 within the same timeframe.

Optimism (OP), with a market value of $3.91, experienced an 8.18% increase in the 24-hour trading period. On January 30, 2024, 24.16 million OP tokens will be unlocked, adding to the market’s overall dynamics. Optimism positioned itself as a key player in the unfolding narrative with a market cap of $3,563,980,123 and a 24-hour trading volume of $532,166,708.

Sui (SUI), valued at $0.8921, underwent a significant 15.86% increase in the 24-hour trading period. SUI will unlock 34.62 million tokens (approximately $26.86 million) on January 3 at 16:00, accounting for 3.35% of the circulating supply. SUI’s market cap reached $982,200,895, with a robust 24-hour trading volume of $246,411,955. These indicators signaled heightened market activity and investor interest in Sui.

Axie Infinity (AXS) experienced an 8.01% increase in the 24-hour trading period, with a market value of $9.42. Axie Infinity is set to unlock 3.43 million AXS tokens worth $31.24 million on January 18, 2024. As part of the $600 million liquidity injection, AXS played a crucial role, holding a market cap of $1,244,302,307 and a 24-hour trading volume of $72,125,790.

In conclusion, the January 2024 crypto market unfolded with anticipation and caution as about $600 million worth of liquidity entered through token unlocks. Each cryptocurrency’s performance during these events reflected a delicate balance of market dynamics, investor sentiment, and strategic unlock planning. As the market absorbed the impact of these unlocks, traders and enthusiasts closely monitored the ensuing price movements and sought to navigate the evolving landscape of the crypto space.