Impending APT Unlock
Popular altcoin Aptos (APT), also known as the Solana Killer, might be in for a bumpy ride in its ecosystem and price actions ahead. According to on-chain analyst and researcher Tom Dunleavy, a total of 2% APT tokens are set to be unlocked tomorrow. In monetary terms, these potential tokens set to be unlocked are worth a total of $32 million.
As revealed, a total of $9.5 million is designated for the Aptos Foundation, while $22.5 million will be distributed to community members as well.
Aptos is a relatively new Layer 1 protocol that places an enormous emphasis on performance and usability. Over the course of the past year, the digital currency has showcased resilience that has helped it maintain relative stability. The news of the token unlocking has started riling APT with its price, which traded in a bullish setting of around 2.3% earlier today and is now trading at a growing discount.
At the time of writing, APT is down by 0.83% to $7.02 as the fear of a sell-off is mounting in the community. This fear is justified as the Dunleavy analysis shows that the token that will be unlocked makes up approximately 38% of the protocol's 30-day average daily trading volume. This figure shows there will be a potential price impact should recipients choose to sell.
Aptos will see 2% of its token supply unlock tomorrow, equivalent to $32m APT tokens. This will be distributed $9.5m to its foundation, and $22.5m to its community— Tom Dunleavy (@dunleavy89) July 11, 2023
The $32.3m represents 38% of its 30d average daily trading volume, indicating potential price impact from sell… pic.twitter.com/1Dd4k3RTyp
Relying on past performance
In a bid to solidify its liquidity and resist the sell-off that might be underway, Aptos developers, leaders and all stakeholders will need to look beyond the current Fear, Uncertainty and Doubt (FUD) associated with the impending token unlock and focus on current milestones.
One of these milestones is its partnership with Mastercard, as reported earlier by U.Today. Prior to this time, Aptos recorded a lot of unique positive price actions that have generally helped position it on the radar of most elite coins.