Aptos loses 1% value as token unlock nears
- More than $32 million APT will be unlocked on 11 July.
- APT lost over 1% in value as unlock hour approached.
Aptos [APT] is on the brink of an imminent cliff unlock, as it is set to take place in a few hours. As the unlock nears, will there be any notable repercussions on APT’s trajectory?
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Aptos to see Cliff unlock
The statistics indicated that the value of APT tokens to be unlocked amounted to $32.21 million. The value accounted for approximately 2.2% of the total supply. Notably, these tokens followed a cliff unlock mechanism.
?This week’s cliff unlocks are over $80.46 m ?
( % Cir. supply )
— Token Unlocks (@Token_Unlocks) July 11, 2023
It is worth noting that the unlocked tokens were intended for distribution to the community and the Foundation, with the community receiving most of the allocation.
In this context, cliffs represent a designated period that must transpire before the tokens are released. The duration of these cliffs can vary depending on the purpose behind the token allocation.
Impact on Aptos?
Based on data provided by Coin Market Cap, APT had a circulating supply of 210.3 million tokens at press time. Furthermore, the data reported that the total supply surpassed 1 billion tokens.
Additionally, within the past 24 hours, the trading volume exceeded $94 million, experiencing a growth of over 14% as of this writing. These metrics suggested that despite the forthcoming unlock of more APT tokens, it might not significantly impact the price trend.
The tokens set to be unlocked represent only 2% of the total supply, which is lower than the daily trading volume the token typically witnesses.
Poor price trend as unlock looms
Analyzing the daily price trend of APT revealed a lack of positive momentum in anticipation of the unlock. As of this writing, the token was trading at approximately $7, reflecting a decline of over 1%.
Realistic or not, here’s APT’s market cap in BTC’s terms
Moreover, the overall trend had been underwhelming, as indicated by a downtrend on the chart. This unimpressive trend was further supported by the Relative Strength Index (RSI), which was below the neutral line, signaling a bearish trend.
The short Moving Average (yellow line) also acted as a resistance level, with the price consistently trending below it.