Saturday, September 23, 2023

Aptos blockchain’s native token APT has slid ahead of this week’s unlock of more than 2% of the circulating supply.

Data from TokenUnlocks shows that more than 4.5 million APT tokens, worth about $30 million, will be unlocked on Friday. 3.21 million tokens, or $21 million, will be distributed to the community, while the remaining tokens will be distributed to the Aptos Foundation.

Token unlocks can often correspond with drops in asset prices as investors try to sell ahead of what could be a flood of new tokens on the markets.

APT has decreased by over 3.2% in the past 24 hours and 7.1% in the past seven days to $6.57, performing worse than bitcoin (BTC) and ether (ETH), per CoinDesk market data.

Aptos previously unlocked roughly $30 million worth of APT tokens in July 2023 and $50 million in April 2023. In both instances, APT had decreased in price a week leading up to the day of the unlocks.

Aptos representatives did not respond to a CoinDesk request for comment by press time.

Edited by Danny Nelson.

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