Altcoin
Aptos releases new tokens but not without a fair share of bear trouble…
After the latest token unlock, APT fell victim to a price correction. Despite the growth in the NFT space, APT investors could expect the bears to control the token’s price in the near term.
Aptos [APT] saw its latest token unlock on 12 April wherein the network released a fractional amount of tokens. The unlocked tokens account for 0.45% of its total supply and was worth over $52 million. As per Token Unlocks, Aptos’ next unlock is due in 29 days.
Source: Aptos
Realistic or not, here’s APT market cap in BTC‘s terms
Here is what followed..
Typically, a token unlock is followed by a price decline, as suggested by the demand and supply theory. As the newly unlocked tokens increase the circulating supply, the asset’s price could drop. This was true in APT’s case as well and the token’s daily chart was painted red.
According to CoinMarketCap, APT was down by more than 3.5% in the last 24 hours. At the time of writing, it was valued at $11.35, with a market capitalization of over $2 billion.
Source: CoinMarketCap
Were there other factors at play?
The latest decline can be a mixed result of the token unlock and the bearish market condition, which prevailed at press time. However, let’s have a look at APT’s metrics to see whether the price drop can be attributed to other factors.
LunarCrush’s data revealed that bullish sentiments around APT declined by over 17% last week, which also reflected on APT’s weekly chart.
Though it could not be directly related to the price drop, quite a few metrics favored the negative. For instance, APT’s development activity plummeted last week.
Interestingly, as per Token Terminal, Aptos’ number of active developers also declined over the last 30 days. APT’s price drop was accompanied by a massive surge in volume, which also looked concerning for the token.
Source: Santiment
Aptos NFTs causing a stir…
Despite the lack of interest shown towards APT, the network’s NFTs seem to be in a brighter spot. Aptos’ NFTs have caught the attention of many as the blockchain hosted its NFT NYC Week.
gm gm
It’s NFT NYC Week in the Big Apple ???️
Drop your favorite events, talks, and after parties in the comments! Let’s start a thread of the best meet-ups this week ??
Don’t forget to RSVP for the official Aptos x NFT NYC ‘Free Renfield’ After Party with @NBCUniversal ⤵️ https://t.co/3s2IpyO8PJ
— Aptos (@Aptos_Network) April 11, 2023
Apart from the event, Aptos also launched Art of Aptos, a new series highlighting NFT projects across the ecosystem. This can further increase the popularity of Aptos NFTs in the coming weeks.
There's an abundance of Aptos NFT projects to get excited about!
To celebrate the unique collections and artwork from creators in the community, we're launching #ArtofAptos
—a new series highlighting NFT projects across the ecosystem.TELL US: What’s your favorite Aptos NFT? ? pic.twitter.com/5aj48qdk1r
— Aptos (@Aptos_Network) April 11, 2023
On the other hand, as per Santiment’s chart, Aptos witnessed considerable growth in its NFT space last month. The total number of NFT trade counts and trade volume in USD surged substantially, which looked optimistic for Aptos NFTs’ future.
Source: Santiment
How much are 1,10,100 APTs worth today
Bears to dominate in near term
Though Aptos’ NFT space registered growth, APT’s state couldn’t be considered at its best. Most of the market indicators aligned with sellers’ interests, increasing the chances of a continued downtrend.
The Exponential Moving Average (EMA) Ribbon displayed a bearish crossover. APT’s Money Flow Index (MFI) went down slightly, which was a negative signal. Additionally, the Chaikin Money Flow (CMF) declined steeply, further suggesting a price fall over the coming days.
Source: TradingView
