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Tokens worth more than $69 million will be unlocked this week, according to a Twitter post shared yesterday by the tokenomics tracking dashboard Token Unlocks. The most significant upcoming unlocks that traders might want to keep an eye on will be for Apecoin (APE) and Injective (INJ).
🔓 Over $69.4m unlocked this week 🔓
— Token Unlocks (@Token_Unlocks) August 15, 2023
🔥 Hot highlights: $APE and $INJ are on fire 🔥$APE 4.2% – $31.51m 🌟$INJ 3.4% – $20.99m 🌟$ROSE 3.4% – $8.09m$FLOW 0.7% – $3.99m$ID 5.3% – $3.91m$EUL 0.8% – $0.40m
( % of cir supply)
All the details here ⛓️: https://t.co/8XoTR8tBPT pic.twitter.com/vjLxhSR6oK
According to the post, APE worth $31.51 million and INJ worth approximately $20.99 million will soon be unlocked. Other unlocking events that are also worth taking note of will be for Oasis Network (ROSE), Flow (FLOW), SPACE ID (ID), and Euler (EUL). ROSE, FLOW, and ID will all face unlocks worth $3+ million, while EUL’s unlock will be worth $0.40 million.
With APE and INJ being subject to the largest unlocks, traders are naturally wondering whether this will cause the prices of these tokens to plummet. The market tracking website, CoinMarketCap, indicated that both of these cryptocurrencies saw their price slip over the past 24 hours of trading.
At press time, APE was trading at $1.82 after its price dropped by more than 9% throughout the past day. This caused the altcoin’s weekly performance to flip back into the red zone at -0.85%.
APE’s price hiccup also caused it to weaken against market leader, Bitcoin (BTC), by about 9.94%. Meanwhile, APE’s 24-hour trading volume rose by 21+% since yesterday, which left it standing at $104,005,720.
INJ was worth about $7.07 at press time after its price decreased by more than 4% since yesterday. Consequently, INJ was trading much closer to its 24-hour low of $7.04 than its daily high of $7.43.
The altcoin’s price drop also pushed INJ’s performance over the past seven days even further down to -12.40%. Ranked as the 61st largest token with its market cap of $592,234,179, INJ was positioned between Synthetix in the 60th spot and Render (RNDR) in 62nd position.
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