Aptos' APT Token Steady After $32M Token Unlock
The dollar value of the unlock amounted to 38% of the cryptocurrency's average 30-day trading volume and had potential to push prices lower, per one analyst.
Prices of Aptos' native token APT were steady on Wednesday at around $7 despite a significant number of tokens being unlocked.
Early Wednesday, 4.54 million APT tokens, worth nearly $32 million, were unlocked, according to data. Tokens worth $22.5 million were distributed to the community members, with Aptos foundations receiving $9.4 million in tokens.
Cryptocurrencies are generally locked up to prevent the big bag holders – usually early investors or even the project's team members – from selling their coins all at once and causing price dumps. Token unlocks are considered bearish, as they free up liquidity and open doors for potential profit-taking by those who receive coins as a part of the unlock.
Although, the latest APT unlock amounted to just 2.2% of the token's total supply of 210.41 million, the dollar value of the unlock was nearly 38% of APT's average 30-day trading volume and had the potential to push prices lower, market analyst Ton Dunleavy.
Still, APT is trading flat, at around $7, extending its recent trading range of $6.8 to $7.3. Perhaps, Aptos' to enhance the blockchain's capabilities to handle tokenized securities like tokenized real estate and in-game currencies has helped the cryptocurrency stay resilient.
Besides, APT's continued sideways trend is consistent with the market leader, bitcoin's (BTC) , ahead of the crucial U.S. inflation report.
Traders a volatility explosion in bitcoin, which could feed into APT and other altcoins.
Edited by Parikshit Mishra.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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