$300 million worth of unlocks. Yes, you heard me right this month will see tokens worth $300 million unlocking.
And these unlocks could cause massive price changes in these 4 altcoins. So, it’s best we “warn” you ahead. Let’s dive into the details.
1) DYDX (DYDX)
DYDX had one of the biggest unlocks last month when it pushed out 150 million tokens worth around $500 million. This decentralized exchange has another heavy unlock lined up for January. On the 1 of January 2024, DYDX plans to roll out 33 million DYDY tokens. This is about 12% of its circulating supply and is valued at $111.33 million.
1/ 150M $DYDX($505.5M) was unlocked 2 hours ago and can be sold!
We noticed that 3 whale wallets that received $DYDX from the dYdX Foundation Wallet have transferred 6.81M $DYDX ($21.46M) to #Binance.https://t.co/0HsVwDNREk pic.twitter.com/yfKi6G1HY4
— Lookonchain (@lookonchain) December 1, 2023
Let’s take a look at the allocation for the token to unlock:
- Investors will receive 18.49m DYDX, valued at $61.74m.
- Founders, Employees, Advisors, and Consultants will get 10.18m DYDX. This is valued at $34.00m.
- The final allocation goes to future employees. This group will receive 4.67m DYDX tokens, valued at $15.59m.
In the space of two months., DYDX has released over 200 million of its tokens. Heavy unlocks such as these tend to cause price slumps. Interestingly, 3 major whales who received some of the last tokens sent theirs to Binance for sale.
The spike in DYDX inflows on exchange led to downward pressure on its value. Data from Coingecko showed that the token suffered a serious drop in price thanks to the last unlock
2) Apecoin (APE)
Apecoin plans to release 15.60 million APE tokens on the 17th of January. The unlock is valued at $27.15 million and represents 4.23% of its circulating supply. Here’s the allocation schedule:
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
- Yuga Labs founder receives 2.22m APE, valued at $3.87m.
- Launch Contributors 3 gets 833.33k APE, which is around $1.45m.
- The team allocated 277.78k tokens, valued at $483.33k tokens to Charity.
- Launch Contributors 2 will receive 757.58k APE, valued at $1.32m.
- The Treasury will receive 7.34m APE, which is about $12.78m.
- Yuga Labs will receive 4.17m APE, which is around $7.25m.
Ape is currently putting up strong performances. So, chances are that the next unlock will have little impact on its price.
3) Aptos (APT)
Aptos lovers gather around, this is for you. Aptos has a major unlock happening in early January. The layer-1 blockchain will unlock 24.8 million APT tokens, representing 8.09% of its circulating supply on the 12th of January 2024. This unlock is valued at $249.67 million, which is pretty massive. There are four allocations to this unlock:
- The foundation will receive 1.33m APT, valued at $13.40m.
- Community gets 3.21m APT, valued at $32.26m
- Core contributors will receive 11.88m APT, valued at $119.34m.
- Investors will receive 8.42m APT, valued at $84.66m.
#Aptos 01/24 token unlock ~ 9% total supply 🔓
Or ~ 235 million $APT, annualized inflation 96%Great app by @Token_Unlocks ☑️https://t.co/LCRAw5tNOT#crypto #cryptocurrency #cryptocurrencies pic.twitter.com/XI5L7Lv9eH
— cryptoken board (@cryptoken_board) January 1, 2024
Aptos is a relatively new Layer 1 blockchain. It is based on the Move programming language. And seeks to provide a faster and more scalable solution to other networks. However, the project has not been without concerns. It faced a disturbing five-hour outage in October. This led crypto exchanges like Binance and Upbit to temporarily suspend the deposit and withdrawal of APT.
Historically, token unlocks have harmed APT. In November, Aptos unlocked 24.84 million APT tokens. APT slumped 13.4% from $7.82 to $6.77 in the nine days after the unlocks. It later recovered to stronger numbers. Its December unlock led to a minor price drop before recovering. It currently trades at $9.83. So, there’s a possibility that the next unlock could lead to a temporary price drop.
4) Injective (INJ)
January is going to be a heavy month for the Injective Protocol. And that’s because they are flooding the market with $3.6 million worth of INJ tokens on January 21. This unlock represents 4.35% of its circulating supply and is valued at $141.49 million. There are only two allocations for this unlock:
- Advisors will receive 333.33k INJ, valued at $12.89m.
- The team will receive 3.33m INJ, valued at $128.90m.
◢ @Injective_ – $INJ – $135M – January 21
➜ This is the final unlock according to tokenomics: 90% of the tokens will go to the team, while 10% will be allocated to the advisors.
The probability of price pressure is estimated to be around 1-3%. $INJ has been gaining momentum… pic.twitter.com/sbqKhncCKC
— AlΞx Wacy 🌐 (@wacy_time1) December 30, 2023
The last token unlock for this protocol took place in August. The token slumped by 10% after the network released 2.86 million tokens worth $20.56 million. There might be a slight price change after the January unlock, possibly for a few days. But we just have to see how it performs.
Disclaimer
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