finbold.com
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.
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