Altcoins
Aptos: All you need to know about the upcoming APT token unlock
Aptos has been seeing swings in its price trends in the past few weeks, but what impact could the upcoming unlock have?
- Over 24 million APTs worth over $200 million are set to be unlocked.
- The tokens set to be unlocked make up over 8% of the circulating supply.
Aptos [APT] is set to experience a significant unlocking event this week, as reported recently. This unlocking represents the largest in terms of value. Are there expectations of any impact on the price trend?
Aptos set for unlock event
As per Crypto Rank, Aptos is scheduled to unlock 24.84 million tokens on 12th December, with a total value exceeding $216 million. This unlocking event constitutes the highest value among those occurring this week.
Further examination of the unlock reveals that the distributed tokens will be allocated to four distinct groups. The Foundation, core contributors, community, and investors are the ones getting the unlocked tokens, according to Token Unlocks.
Additionally, the tokens slated for unlocking account for approximately 8.9% of the circulating supply.
Analysis of the current Aptos supply
Based on CoinMarketCap data, the current circulating supply of Aptos was 278.9 million. Also, it had a market cap of over $2.3 billion as of this writing, with a decrease of over 2% over the last 24 hours.
Furthermore, with 8% of the circulating supply, valued at over $200 million, set to be unlocked, the market dynamics could shift. If a substantial portion of the unlocked tokens enters exchanges, it may lead to a decline in price.
This decline might not solely be attributed to the volume but could also be influenced by the negative sentiment it projects. The trend in the coming days will be determined by the actions surrounding this unlocking event.
Additionally, as of the latest update, the trading volume stands at almost $173 million.
APT caught between uptrends and downtrends
At the time of writing, Aptos was trading at around $8.3, reflecting a slight increase of over 1% on the daily timeframe chart. However, the chart indicated that in the preceding trading session, Aptos had incurred a loss of nearly 3% in value.
Read Aptos (APT) Price Prediction 2023-24
An analysis of the chart revealed a pattern of fluctuation between uptrends and downtrends over the past few weeks.
Despite these varied price movements, the Relative Strength Index (RSI) indicated a persisting bull trend, with the RSI currently registering above 60 as of the latest update.
Source: TradingView
