Aptos releases new tokens but not without a fair share of bear trouble…
Aptos [APT] saw its latest token unlock on 12 April wherein the network released a fractional amount of tokens. The unlocked tokens account for 0.45% of its total supply and was worth over $52 million. As per Token Unlocks, Aptos’ next unlock is due in 29 days.
Source: Aptos
Realistic or not, here’s APT market cap in BTC ‘s terms
Typically, a token unlock is followed by a price decline, as suggested by the demand and supply theory. As the newly unlocked tokens increase the circulating supply, the asset’s price could drop. This was true in APT ’s case as well and the token’s daily chart was painted red.
According to CoinMarketCap, APT was down by more than 3.5% in the last 24 hours. At the time of writing, it was valued at $11.35, with a market capitalization of over $2 billion.
Source: CoinMarketCap
The latest decline can be a mixed result of the token unlock and the bearish market condition, which prevailed at press time. However, let’s have a look at APT’s metrics to see whether the price drop can be attributed to other factors.
LunarCrush’s data revealed that bullish sentiments around APT declined by over 17% last week, which also reflected on APT’s weekly chart.
Though it could not be directly related to the price drop, quite a few metrics favored the negative. For instance, APT’s development activity plummeted last week.
Interestingly, as per Token Terminal, Aptos’ number of active developers also declined over the last 30 days. APT’s price drop was accompanied by a massive surge in volume, which also looked concerning for the token.
Source: Santiment
Despite the lack of interest shown towards APT, the network’s NFTs seem to be in a brighter spot. Aptos’ NFTs have caught the attention of many as the
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