An altcoin project popular with Turkish investors is preparing to release $50 million worth of tokens after rising 400% in the new year. The biggest token opening event of recent times could have the expected impact on the price.
This altcoin unlocks $66M
Related altcoin project Aptos (APT) is preparing to launch 4.5 million APT tokens. That means roughly $65 million is now up for sale. Token unlock is the event in which tokens are released that the initial investors or developers of the project have not been able to sell for a certain period of time. About 4.5 APTs worth $66 million to be released on Feb. 12, threatening some potential selling pressure.
Aptos has gained 400% since the new year ahead of the unlock date. It will market 2.7% of its total supply on February 12. cryptocoin.com We have included other projects prepared for a similar event in this article.
Aptos gained 400% in a short time
Aptos was founded by former Meta employees who previously worked on the Diem project, Meta’s failed open-source blockchain venture. Also, when Aptos was released, the team behind the project claimed that Aptos could handle more than 100,000 transactions per second. Launched last year, the project briefly reached market trends with a successful airdrop.
APT is currently trading above $15.00. Let’s just say that it recovered over 400% in January. Price performance will depend on how many of the tokens released after February 12 will be sold or not. Previously, dYdX (DYDX) postponed the token unlock date from February 3 to December 1.
Token unlock may cause selling pressure on altcoin
Token unlocks are important events that have the power to influence the market. Most of these periods see buying pressure build up towards significant planned unlocks followed by a price correction. In most cases, the price correction is short-lived and quickly turns into slow and steady growth for the token.
However, some tokens cannot follow this pattern. The aforementioned trend is most visible in large-volume projects where the unlocking of a token creates a network effect that puts the project on the map and attracts new users. It is also evident in projects that distribute a significant amount of tokens to users.
For example, Polygon (MATIC) unlocked million MATIC on October 26, 2019. Tokens were distributed to private investors and early backers who participated in Polygon’s funding rounds. The price action MATIC has seen in the month and week leading up to the unlock matches the trend seen in most token unlocks. The market was poised to unlock the token, creating a buying pressure that increased the price by almost 30%. After the tokens were released, MATIC managed to keep the selling pressure steady. Here we can say that these dates do not always mean decline.
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