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The bull season of 2021 had brought forth new stars and offered investors substantial earning opportunities. However, the bear period that emerged in 2022 brought many altcoins to the brink of extinction. The rising trend that began at the start of 2023 indicated that new stars could emerge. In this context, Injective (INJ) experienced a 3300% increase from its lowest price level in 2023. Approximately $150 million worth of tokens will be unlocked on January 20.
Injective (INJ) Token Unlock
Since the inception of cryptocurrencies, investors have always approached token unlocks with caution. The possibility that newly circulating tokens could negatively impact the price has also brought fear.
The upcoming token unlocks for Injective will occur in relation to the genesis distribution, which remains partially locked under vesting contracts. Consequently, 3.67 million INJ will come under the control of the team and advisors from January 20, ready to be sold.
During this process, a token unlock worth $125 million representing 3.33 million tokens will occur for the team. Meanwhile, advisors will own just over $12 million worth of tokens, sharing in the profits since INJ’s market debut. The table below, taken from TokenUnlocksApp on January 17, provides updated information about the airdrop.
Current Status of Injective (INJ)
Injective continues to develop, trading just below $40 at the time of writing, which is below its previous all-time high (ATH) of $45.28. This represents a 3300% jump from its December 2022 low of $1.21.
In the current market, filled with uncertainty following the Bitcoin ETF, the upcoming INJ token unlock could impact its price.
A previous unlock on August 20, 2023, worth $22.05 million, led to a price drop of over 12% from two days before the unlock to a week after, putting investors in a tough spot.
Given these circumstances, a price drop following the upcoming unlock is within the realm of possibility.
