Aptos Blockchain’s Native Token APT Slides Ahead of Token Unlock
APT, the native token of Aptos blockchain, has experienced a decrease of over 3.2% in the past 24 hours, performing worse than bitcoin (BTC) and ether (ETH), according to CoinDesk market data. This decline comes ahead of the unlock of more than 2% of the circulating supply of APT tokens.
Key Points:
- Over 4.5 million APT tokens, worth about $30 million, will be unlocked on Friday.
- 3.21 million tokens, or $21 million, will be distributed to the community.
- Remaining tokens will be distributed to the Aptos Foundation.
- Token unlocks often lead to drops in asset prices as investors try to sell before new tokens flood the markets.
- Aptos previously unlocked $30 million worth of APT tokens in July 2023 and $50 million in April 2023.
In the past week, APT has decreased by 7.1% to $6.57. This price decrease is consistent with previous instances where APT tokens were unlocked. CoinDesk reached out to Aptos representatives for comment, but no response was received at the time of writing.
Hot Take:
The upcoming token unlock for APT has caused a decline in its price, highlighting the potential impact of such events on the market. Investors should closely monitor the developments surrounding APT and consider the implications of token unlocks before making investment decisions.
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