The Impact of Token Unlocks on APT Prices
The recent unlock of 4.54 million APT tokens, worth $32 million, had the potential to push prices lower, according to market analyst Ton Dunleavy. However, APT has remained steady at around $7, possibly due to Aptos’ plan to enhance the blockchain’s capabilities for tokenized securities. Despite the unlock representing just 2.2% of the token’s total supply, its dollar value amounted to 38% of APT’s average 30-day trading volume.
Key Points:
- A significant number of APT tokens were unlocked, but prices remained steady at around $7.
- Aptos foundations received $9.4 million in tokens, while community members received $22.5 million.
- Token unlocks can be bearish as they increase liquidity and allow for profit-taking.
- The unlock represented 2.2% of APT’s total supply but accounted for 38% of its average trading volume.
- APT’s resilience may be attributed to Aptos’ plan to enhance the blockchain’s capabilities.
Hot Take:
Despite the potential for price drops, APT has remained stable, possibly due to Aptos’ efforts to expand its blockchain’s capabilities. Traders should keep an eye on bitcoin’s volatility, as it could impact APT and other altcoins.
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