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Aptos (APT) to Face $45 Million In Selling Pressure, Here's Who's Selling

Wed, 03/01/2023 - 09:41
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Arman Shirinyan
Aptos might face additional pressure in foreseeable future
Aptos (APT) to Face $45 Million In Selling Pressure, Here's Who's Selling
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Aptos, the blockchain-based supply chain management platform, could see its dev team selling another $45 million worth of tokens, according to reports. An analyst at Light Crypto, who remains anonymous for safety reasons, wrote that the Aptos dev team's wallet has started "feeding the Korean ducks," with $20 million in spot sent to Binance in the last hour. Previously, the analyst added that $1 billion in inventory remains in the wallet.

The news of a potential token sale by the Aptos dev team comes at a time when the platform's native token has seen a significant decline in value. Aptos is currently trading at $12, down 36% from its recent high.

The tightly controlled supply of tokens has been activated, and on Feb. 1st, another $17 million in sales is likely to occur using the same methodology as in October.

This news has caused some concern among Aptos investors and the broader cryptocurrency community, as a significant sell-off of tokens by the dev team could lead to a further decline in the token's value. However, it is worth noting that token sales by dev teams are not uncommon in the cryptocurrency space. In fact, it is often seen as a way for teams to fund ongoing development work and maintain the longevity of their projects.

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Despite the potential for a further decline in the token's value, some investors may see this as an opportunity to buy in at a lower price point. However, it is important to note that any investment in the cryptocurrency space carries a significant amount of risk, and investors should always do their own research and make informed decisions.

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About the author

Arman Shirinyan is a trader, crypto enthusiast and SMM expert with more than four years of experience.

Arman strongly believes that cryptocurrencies and the blockchain will be of constant use in the future. Currently, he focuses on news, articles with deep analysis of crypto projects and technical analysis of cryptocurrency trading pairs.