Aptos (APT) Tanks 8% Following $62M Token Unlock

Prices for the Aptos token (APT) have taken a hit today following a scheduled token unlock by the team.

The native token for the much-hyped Aptos network has taken a hit during the Monday morning Asian trading session. The decline is larger than that for the overall market, suggesting that a token unlock was the cause.

On Feb. 12, Aptos unlocked 4.5 million APT tokens, equivalent to around 0.45% of its total supply. Furthermore, the unlock was worth around $62.5 million at APT prices at the time.

The next scheduled unlock for Aptos is on March 12, when another 4.5 million tokens will be released on the market.

Before the unlock, Aptos holders were confident of a pump similar to the last time tokens were released. However, the opposite has happened today.

Majority of Aptos Supply Still Locked

According to Token Unlocks, 85% of the APT token supply is still locked up. They are scheduled for release every month over the next ten years.

There is currently just 14.8% of the supply unlocked, giving it a market cap of around $1.95 billion with 167.7 million tokens circulating.

Projects often perform these token unlocks to release locked shares into the crypto market over a set period of time. This process aims to align incentives for all stakeholders. However, it can cause short-term volatility and price dumps at the time.

Aptos has been criticized by the crypto community for its tokenomics, which are heavily venture capital dominated. The Ethereum rivaling blockchain has been developed by former Facebook employees working on the defunct Diem project.

Its token price has surged this year, gaining a whopping 278% since the beginning of January. However, the momentum appears to be waning as APT has declined since its all-time high on Jan. 26.

There are more token unlocks scheduled this week for The Sandbox (SAND), dYdX (DYDX), Euler (EUL), ApeCoin (APE), and 1inch (1INCH), and prices could react similarly.

Price Tanks

Today, APT has lost around 8% in a fall from an intraday high of just over $14 to just below $13 a couple of hours ago. At the time of writing, APT was changing hands for $13.08.

APT/USD price one month – BeInCrypto

Furthermore, APT has lost around 30% over the past fortnight as it retreats from peak prices in late January.

APT hit $19.92 last month but has lost 34% since then, and the token unlocks have accelerated those losses.


BeInCrypto strives to provide accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. You comply and understand that you should use any of this information at your own risk. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.

Bookmark (0)
ClosePlease loginn

Related Posts

Bitcoin: The Best Performing Asset Class in Q1 2023

Bitcoin set for its best trading quarter in nearly 2-years.
The top cryptocurrency vastly outpaces stocks performance.
BTC is well placed for more gains in Q2 2023.

Bookmark (0)
ClosePlease loginn

USDC Supply Shrinks by $10 Billion in March, But Hits 6-Month High on Smart Contracts

USDC supply declined by $10 billion in March following its exposure to the US banking crisis.
However, the stablecoin use on smart contracts reached a six-month high of 42.08%.
Tether USDT is now the dominant stablecoin, accounting for over 60% of the market.

Bookmark (0)
ClosePlease loginn

Bittrex Quits US, Cites Unfavorable Regulatory Environment

Crypto exchange Bittrex said it was leaving the United States because of the regulatory environment.
The crypto company had had previous skirmishes with financial regulator in the country.
Crypto stakeholders have warned that the US regulatory landscape would force many firms out of the country.

Bookmark (0)
ClosePlease loginn

Solana overcomes FTX fiasco — SOL price gains 100% in Q1

The cryptocurrency market may have overreacted to Solana’s FTX links and its tainted boss, Sam Bankman-Fried.

Bookmark (0)
ClosePlease loginn

Elon Musk requests dismissal of $258B Dogecoin lawsuit: Report

The plaintiff’s brought up Musk’s Saturday Night Live appearance in 2021, where he portrayed “a fictitious financial expert” and called Dogecoin “a hustle,” resulting in a steep price decline minutes later.

Bookmark (0)
ClosePlease loginn

Here’s how the crypto industry is using artificial intelligence

The rise of artificial intelligence, though in its early stages, has found use cases in crypto through countless projects.

Bookmark (0)
ClosePlease loginn

Leave a Reply

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