One of the popular layer-1 blockchains Aptos, will witness a major token launch event on December 12. 24.8 million APT tokens worth $195 million will be released in the altcoin, which will release 8.9% of its current circulating supply. This event also triggered a surge, affecting the APT price.
Aptos has witnessed a similar token unlock event before. The previous unlock, which took place in November, led to a 20% drop in the value of the asset within a week. Given this history, there is strong fear among investors. Moreover, the price seems to have started to decline at a rate similar to last month.
Moreover, key on-chain metrics also contribute to the market’s cautious stance. In particular, despite the increase in the price of APT between November 23 and December 11, there was a noticeable decline in development activities. This difference between development work and price is traditionally considered a bearish indicator.
In addition, Aptos’ trading volume has also lagged behind its previous peaks in August and October, although APT recently reached a local peak of $8.47. This lack of volume momentum further supports the bearish outlook for the cryptocurrency.
As the market moves towards this important unlock date, APT token is trading at $7.73 on CoinMarketCap. This represents a decline of approximately 4% over the past 24 hours, reflecting the market’s concern.
This upcoming unlock is a significant event for the APT token and a critical moment for investors and the broader crypto community, highlighting the often volatile and unpredictable nature of cryptocurrency markets.