Massive sell-off alert amid $300 million token unlock on Friday
The layer-1 cryptocurrency developed by former Meta (Facebook) engineers, Aptos (APT), may face a
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massive sell-off after April 12, Friday. That is due to a scheduled token unlock worth nearly $300 million, which may cause significant supply inflow to exchanges.
Notably, vesting contracts will unlock 24.84 million APT by the end of the week, worth $298.11 million. This, according to TokenUnlocksApp data, represents 6.2% of Aptos’s market capitalization, which evidences its event’s relevancy for cryptocurrency traders.
In particular, ‘Core Contributors’ and ‘Investors’ will receive 81.7% of the unlocked tokens, summing up to 20.3 million. These entities will receive 11.88 million and 8.42 million APT, respectively. Meanwhile, the ‘Foundation’ and the ‘Community’ will receive the remaining 4.54 million APT – 1.33 million and 3.21 million each.
Furthermore, this token unlock is nearly 50% of all the $601.59 million cliff unlocks for the next seven days. Cryptocurrencies like Arbitrum (ARB), Starknet (STRK), ApeCoin (APE), and Render Network (RNDR) make up the other half.
