Aptos (APT) is facing a temporary threat as it will unlock millions of tokens, increasing the circulating supply. Data from crypto analytics provider Lookonchain according toa total of 24.84 million APT worth $181.35 million will be unlocked on November 12, a move based on the protocol’s predefined vesting schedule.
24.84M $APT ($181.35M, 9.96% of Cir. Supply) will be unlocked on Nov 12.
NEWS CONTINUES BELOW11.88M $APT($87.04m) to Core contributors
8.42M $APT $61.75M) to Investors
3.21M $APT($23.53M) to Community
1.33M $APT($9.77M) to FoundationBullish or Bearish?
NEWS CONTINUES BELOW1/🧵
Here is a thread pic.twitter.com/1qINkt5LQS— Lookonchain (@lookonchain) November 11, 2023
NEWS CONTINUES BELOW
According to the information shared by Lookonchain, a total of 11.88 million APT or $87.04 million has been determined to be distributed to the main participants in the Aptos network. A total of 8.42 million APT, or $61.75 million, is set to go to investors, while the community and the Aptos Foundation will receive 3.21 million APT ($23.53 million) and 1.33 million APT ($9.77 million), respectively. The possibility that these unlocked tokens may be liquidated by designated buyers reduces expectations. Therefore, it leaves Aptos out of participating in the ongoing altcoin rally. At a time when cryptocurrencies such as FTX Token (FTT) and Celsius (CEL) are on a massive rise, APT is down 1.17% to $7.34, and the bears are threatening to stem the 6.52% rise accumulated over the past week.
Should APT Owners Worry?
Specifically, the initial assumption is that a sell will be successful in unlocking tomorrow. However, according to Lookonchain’s analysis, the impact may not be felt well. Not only do tokens billed for release account for only 9.96% of the current circulating supply, but the bulk of that supply, or 83%, is staked.
Koinfinans.com As we reported, this indicates that the supply squeeze is still ongoing and unlocks and potential sales may not impact APT much. The fact that Aptos has maintained its bullish price outlook shows that it is an altcoin with the right resilience in the face of historically challenging market conditions. Aptos’ recent partnership with tech giants such as Microsoft also provides a positive basis for its recovery from current sales in the near future.