Aptos dips 2% following November’s token unlock
- Almost 10% of APT’s circulating supply was unlocked on the 12th of November.
- APT was trading with an over 2% loss at around $7.5.
Aptos [APT] was catapulted to the spotlight following its token unlock on the 12th of November. With this unlock, Aptos unlocked 24.84 million APT tokens, per Lookonchain. It made up 9.96% of the circulating supply and had a total value of over $181 million.
24.84M $APT ($181.35M, 9.96% of Cir. Supply) will be unlocked on Nov 12.
Bullish or Bearish?
Here is a thread pic.twitter.com/1qINkt5LQS
— Lookonchain (@lookonchain) November 11, 2023
Token Unlocks further revealed a distribution breakdown. Notably, 11.88 million APT tokens (valued at over $87 million) went to core distributors, while 8.42 million tokens (worth over $61 million) went to investors.
Additionally, 3.21 million tokens were given to the community, and 1.33 million tokens were also given to the Foundation. These had values of over $23 million and $9 million, respectively.
The state of the circulating supply
Based on CoinMarketCap’s data, Aptos‘ press time circulating supply sat at 249,383,461 tokens, valued at around $1.82 billion. However, not all of these tokens were available for trading, as indicated by information from oklink, derived by AMBCrypto.
According to this data, over 869 million APT, equal to 87% of the circulating supply, were staked at the time of publication. This implied that the real circulating supply was around 195.1 million APT. The value of this supply was around $1.4 billion.
How Aptos responded to the last and current unlocks
The most recent Aptos unlock was on the 12th of October, releasing 4.54 million APT with a value of $34.94 million. Also, this unlocked APT made up 1.82% of the circulating supply.
AMBCrypto’s analysis of the daily timeframe chart showed that Aptos took in this additional supply effectively. Notably, the chart revealed that a bullish trend started shortly after this unlock.
Furthermore, the eve of the unlock showed noteworthy price trends, with Aptos gaining over 2.4% in value. By the conclusion of trading on the 11th of November, Aptos was valued at $7.6.
As of press time, Aptos has retraced from its pre-unlock gains, experiencing a decrease of over 2% in value. It was trading at around $7.5.
How much are 1,10,100 APTs worth today?
However, despite this decline, it has not deviated from its ongoing bullish trend, as indicated by its Relative Strength Index (RSI). The RSI remained within the bull zone, consistently trending above 60.
Additionally, the long moving average (blue line) continued to function as immediate support, at around $6.8 to $6.9. According to information from Token Unlocks, the subsequent unlock event is anticipated in a month.