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BlockNews
Home CRYPTO

Aptos APT is Down 16% Today and Here is Why

Conie by Conie
April 12, 2024
in CRYPTO, DEFI
Reading Time: 2 mins read
xr:d:DAGCKIzwh7o:4,j:4946502875084579886,t:24041200

xr:d:DAGCKIzwh7o:4,j:4946502875084579886,t:24041200

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  • Nearly 25 million of locked-up APT tokens will be released Friday including to early investors, TokenUnlocks data shows.
  • The native cryptocurrency of layer-1 blockchain Aptos (APT) underperformed the crypto market ahead of an almost $300 million supply event due this week that will increase the number of circulating tokens.
  • Token unlocks happen because the supply of many cryptocurrencies are locked up in vesting to prevent insiders – early investors, team members – from dumping tokens en masse.

The native cryptocurrency of layer-1 blockchain Aptos (APT) has seen its price drop in the past week ahead of a major token unlock event. This event is set to increase the circulating supply of APT tokens, which often negatively impacts price.

Declining Price Performance

APT has declined over 16% in the past week, underperforming major cryptocurrencies like Bitcoin and Ether which have posted gains. The price drop comes right before a scheduled release of 24.84 million previously locked APT tokens on April 12.

Details of Token Unlock Event

The upcoming token unlock will distribute around $300 million worth of APT to early investors, contributors, community members and ecosystem development. Large token unlocks happen because cryptos lock up supply to prevent insiders from mass selling.

ICYMI: Aptos is set to unlock $300 million in $APT tokens tomorrow pic.twitter.com/WNkg7WZMUp

— BlockNews.com (@blocknewsdotcom) April 11, 2024

Historic Price Impact

Research shows token prices often decline around major unlock events. This occurs as the supply increase outstrips investor demand. While this unlock is just 6% of current supply, it nearly doubles daily exchange trading volume.

Outlook Going Forward

It remains to be seen if the increased circulating supply from the unlock will lead to further price declines for APT. Investors may wait for signs of stabilizing prices before jumping back in. The project’s long-term potential will depend on continued development and adoption among developers.

Disclaimer: BlockNews provides independent reporting on crypto, blockchain, and digital finance. All content is for informational purposes only and does not constitute financial advice. Readers should do their own research before making investment decisions. Some articles may use AI tools to assist in drafting, but every piece is reviewed and edited by our editorial team of experienced crypto writers and analysts before publication.
Tags: APTAptosBitcoincryptoDeFiWeb3
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Conie

Conie

Conie is a Web3 enthusiast, an experienced creative writer, and a passionate gamer. With her ability to fuse innovation with imagination, she brings a distinctive perspective to each piece she writes, delving into the ever-changing territories of the digital world, storytelling, and virtual adventures.

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