#BinanceTournament Aptos' major token unlock on December 12, releasing 24.8M #APT tokens worth $195M, sparks anticipation and caution in the #cryptoWorld .
On the brink of a significant event in the cryptocurrency world, Aptos, a renowned Layer 1 blockchain, is gearing up for a major token unlock. Scheduled for December 12, this event will see the release of 24.8 million APT tokens, a considerable 8.9% of its current circulating supply, valued at a striking $195 million. This development has sent ripples through the market, with investors and enthusiasts closely monitoring the potential impact on APT’s price.
Previous Unlocks Hint at Market Trends
This isn’t the first time #Aptos has navigated such waters. A previous unlock in November led to a notable 20% drop in the asset’s value within a week. Given this history, there’s a strong sense of déjà vu among investors, who are now preparing for a possible decline to $6.76, mirroring the earlier 20% decrease. The charts vividly illustrate this trend, with the APT/USDT pair showing a downward trajectory in anticipation of the unlock.
APT’s On-Chain Metrics Signal Caution
Moreover, the underlying on-chain metrics add to the cautious stance of the market. Notably, despite an uptick in APT’s price between November 23 and December 11, there’s been a discernible dip in development activity. This divergence between development efforts and price is traditionally viewed as a bearish indicator.
Additionally, APT’s trading volume hasn’t matched its previous peaks in August and October, even though the token recently hit a local high of $8.47 on December 8. This lack of volume momentum further supports a bearish outlook for the cryptocurrency.
Aptos Price Analysis
As the market heads towards this crucial unlock date, Aptos trades at $7.73 on CoinMarketCap. This represents a nearly 4% decline over the past 24 hours, reflecting the market’s anxiety.
APT/USD 1-day price chart
This upcoming unlock is a significant event for Aptos and a critical moment for investors and the broader crypto community, highlighting the often volatile and unpredictable nature of cryptocurrency markets. 🗣🗣Empower Our Mission: Tips For Dedicated Service. 🗣🗣#AVAX
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