The upcoming token unlock event scheduled between January 15th and 21st, 2024, is poised to release a total of $208.14 million worth of tokens, with a focus on INJ, AXS, and APE in this week's unlock schedule.

Injective Protocol's native token, INJ, is set for a substantial unlock of $156.19 million, representing 4.35% of its circulating supply. Despite a recent bearish trend with INJ priced at $38.74, the token has exhibited an overall uptrend in the past week. Injective Protocol currently holds the 28th position on CoinMarketCap, boasting a live market cap of approximately $3 billion.

Axie Infinity's AXS token is undergoing a significant unlock, with $27.16 million worth of tokens (2.53% of circulating supply) set for release. Trading at $8.44, AXS has experienced a 2% decrease in the last 24 hours, securing the 65th rank on CoinMarketCap with a live market cap exceeding $1.1 billion.

ApeCoin (APE), a governance and utility token within the APE Ecosystem, is unlocking $22 million in tokens, representing 4.23% of its circulating supply. APE is currently trading at $1.51, with a 24-hour trading volume of $73,937,688.

Additionally, other tokens with smaller unlock quantities include FLOW (0.18% unlock, $2.13 million), NYM (0.52% unlock, $0.61 million), EUL (0.59% unlock, $0.36 million), and 1INCH (0.03% unlock, $0.16 million).

These impending token unlocks play a vital role in the cryptocurrency ecosystem, often leading to heightened market activity and influencing the price and liquidity of the respective tokens. Market participants closely monitor these events for insights into potential market movements and their broader impact on the digital asset market.