$600M flood into the Crypto market
In the first month of 2024, more than $600 million will enter the market through token launches. Aptos (APT), Injective (INJ), and Optimism (OP) are three major projects with high openings.
The holiday season is over, and the crypto projects are all set to make massive token launches. As a result of token unlocks, many tokens that were previously locked will enter the distribution supply.
Therefore, it increases the supply of the token, which can have a negative impact on the price.
$235 Million Aptos Launch: Largest Token Launch of January 2024
Aptos is scheduled to launch 24.84 million APT tokens on January 12, 2024. These tokens comprise 8.08% of the distribution supply.
The distribution of these tokens worth $234.76 million is as follows.
1.33 million tokens worth $12.60 million to the foundation. 11.88 million tokens for top contributors $112.22 million. 8.42 million tokens worth $79.61 million to the investors. 3.21 million tokens worth $30.34 million to the Aptos community.
Last month, on December 12, 2023, the project launched the same amount of tokens. The screenshot below shows that in the six days since opening, the price of APT has dropped by 18.72%.
Similarly, the price has decreased since the November 2023 token launch.
Read more: The Ultimate Guide to Aptos Cryptocurrency (APT) and its Network
The last token is the opening of the needle
The screenshot below shows that 96% of the INJ supply is already open. Finally, the final opening will take place on January 21, 2024.
The project will unlock 3.67 million INJ tokens worth $136.73 million.
That being said, the classification is as follows.
333,330 tokens worth $12.43 million to advisors. 3.33 million INJ tokens worth $124.30 million to the team
Optimism will release 2.65% circulation supply at the end of January
The screenshot below shows that Optimism will unlock 24.16 million OP tokens on January 30, 2024. $87.70 million worth of tokens will be allocated to:
12.75 million OP tokens worth $46.28 million to the team 11.41 million OP tokens worth $41.41 million to the investors
In addition, the project will conduct a daily linear unlock of 333,330 OP tokens for the next 90 days. Based on the current market value, the tokens cost $1.24 million.
Read more: Optimism vs. Arbitrage: Ethereum layer-2 rolls compared
This month, about 28 projects will hold token openings. Moreover, the market is awaiting the final decision of the Securities and Exchange Commission (SEC) on some Bitcoin exchange-traded funds (ETFs).
Due to these events, there are chances of high monthly volatility.
Read more: How to prepare for a Bitcoin ETF: A step-by-step approach
Any word on token openings or anything else in January? Write to us on our Telegram channel or join the conversation. You can also find us on TikTok, Facebook or X (Twitter).
For BeInCrypto's latest Bitcoin (BTC) analysis, click here.
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