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Aptos’ APT Token Slides Ahead of $30M Unlock
APT has decreased by over 3.2% in the past 24 hours performing worse than bitcoin (BTC) and ether (ETH), per CoinDesk market data.
Updated Aug 7, 2023, 6:42 p.m. Published Aug 7, 2023, 6:42 p.m.
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.
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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 and ether , 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.
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