Popular cryptocurrency project Injective will unlock 142 million INJ on January 21
Amidst the upward trend of the cryptocurrency market, many altcoins have managed to attract attention. Injective was one of these altcoins. INJ, the native token of the popular crypto project Injective, made a sensational debut and became a favorite of crypto investors.
INJ is up almost 150% in two months and is at a critical turning point. According to TokenUnlocks data, 3.67 million INJ will be unlocked and put into circulation on January 21. The current value of these INJs is $142 million.
Injective (INJ) is Preparing for a Massive Unlocking
Injective (INJ) will open amid bullish expectations. According to TokenUnlocks data, 3.67 million INJ will be in circulation after 15 days. With the opening of these locks, INJ worth $142 million will be put into circulation.
Injective’s INJ unlock will occur as part of its regular schedule on January 21. Injective was last opened and put into circulation on August 21, 2023 for 2.86 million INJ. The total amount was 2.86 million INJ, which came to $22.05 million. Injective, which has recorded a sensational increase since August, strengthened the effect of the lock opening. The value of 2.86 million INJ is equivalent to $110 million at current prices. Project growth has reached a level that can also affect fluctuations in circulating supply growth.
The distribution of the $142 million INJ lock opening, which will take place on January 21, will be as follows;
- 333.33 thousand INJ with an approximate value of $13 million will be transferred to consultants and contributors.
- 3.33 million INJ, with an approximat value of 130 million dollars, will be transferred to the Injective team.
According to CoinMarketCap data, INJ’s market value, calculated based on circulating supply, is $3.234 billion. INJ’s trading volume is worth $300 million in the last 24 hours. When we look at this data from INJ, the lock opening that will take place on January 21 is expected to create volatility. However, these INJs do not seem large enough to cause the collapse of popular cryptocurrencies.
It is unclear whether INJ, which constitutes 4.35 percent of the circulating supply and the majority of which will be transferred to project teams, will create sales pressure after it is unlocked. The total supply of INJ is 100 million units, but upon unlocking, the circulating supply will increase to 87.3 million units.
