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Injective ($INJ) had an impressive run in 2023 with over 3,300% gains from its lowest to its current price. Collecting the spoils afterward, the team will unlock nearly $150 million in tokens on January 20.
This token unlock comes from Injective’s genesis distribution, which is partially locked in vesting contracts. Notably, 3.67 million $INJ will be at the team’s and advisors’ disposal to sell at will from January 20.
In particular, the team will unlock 3.33 million worth $125 million for itself. Meanwhile, advisors will receive slightly over $12 million worth of tokens to realize their profits over the years since launch. Finbold retrieved this data from TokenUnlocksApp on January 16.
Injective ($INJ) price analysis amid massive token unlock
Notably, Injective trades at $40.81 by press time, in a consolidation range under its all-time high of $45.28. This is a 3,300% unrealized profit since its December 2022 lows at $1.21.
Whether due to an effective sell-off or the market’s fear of a possible dump, this unlock could affect $INJ’s price. Previously, an unlock worth $22.05 million happened on August 20, 2023, causing the price to fall over 12% from two days before the unlock to one week after it happened.
On this occasion, Injective was trading at $7.88 on August 18, closing August 28 at $6.92.
All things considered, it is possible to see similar – or even higher – losses with this coming token unlock. Injective must be able to acquire sufficient demand to prevent such a negative impact on price as a bull market intensifies.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
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