Aptos unlocks 24 million tokens – Will this affect the price action of APT?

Next week, Aptos (APT) will unlock and introduce additional assets into circulation. The unlocked tokens are the most valuable this week and will significantly supplement the current circulating supply.

More Aptos will be released into the market

Based on data from Token Unlocks, Aptos will unlock in approximately 4 days. The data shows that 24.84 million APT, worth over $260 million, will be unlocked.

Significantly, these unlocked tokens account for over 8% of the circulating supply.

Of these, core contributors will receive 11.88 million APT, valued at around $125 million, accounting for about 4% of the market cap. Next, investors will receive 8.42 million APT, valued at around $88.5 million.

Additionally, the remaining tokens will be allocated to the community (3.21 million) and the Foundation (1.33 million). At the time of writing, the circulating supply of APT is over 308 million, with the current market cap around $2.8 billion.

Trading volume on Aptos reaches multi-month high

Observing the daily volume trend chart of Aptos on Santiment shows a recent significant increase in activity. The chart depicts a steadily increasing volume starting from around January 2, with the peak recorded on January 5.

The observed volume on January 5 is over $700 million, significantly higher than the $100 million recorded at the beginning of the year.

This is the highest trading volume Aptos has seen in over 5 months. At the time of writing, the current volume is over $370 million.

The impending addition of tokens into circulation raises questions about its potential impact on volume trends. However, current expectations are optimistic, and no negative impact is predicted on volume and price trends.

APT’s price uptrend continues to weaken

After dropping approximately 11.6% on January 3, Aptos recovered with a more than 13% increase on January 4. Unfortunately, it struggled to maintain this momentum, evident in the daily timeframe chart.

Analysis of the chart shows consecutive losses. On January 5, Aptos ended trading with a loss of around 6.4%. At the time of writing, this altcoin is recovering from the loss with a more than 2% increase for the day and is valued at around $9.2.

Furthermore, the price drop has brought Aptos close to crossing below the neutral line of the Relative Strength Index (RSI).

The current trend of the RSI indicator shows weakening upward momentum.

Leave a Reply

Your email address will not be published. Required fields are marked *

Chatbot AI D2