Sui and Aptos brace for July unlock as crypto community awaits impact
- Sui and Aptos will see less than 1% token unlock in July.
- Both assets see an uptrend in price trend after a downtrend.
Months ago, Layer 1 platforms Aptos and Sui unveiled their tokens, causing excitement among the crypto community. However, due to the market’s prevailing bearish sentiment, the potential of these tokens remained somewhat restrained.
Yet, according to the latest Token Unlocks data, a larger supply of these tokens is about to be unleashed. This begs the question: how might this influx of unlocked tokens influence the current trajectory of these platforms’ tokens?
Read Aptos’ [APT] Price Prediction 2023-24
Sui and Aptos prepare for July unlock
Sui and Aptos garnered significant attention during their successful launches. However, currently, these two tokens have a relatively low percentage of their tokens in circulation.
Sui has less than 10% of its tokens in circulation, while Aptos has less than 20%. However, according to information obtained from Token Unlocks, both platforms are preparing to release more of their tokens in July.
In the case of Sui, over 61 million tokens are scheduled to be unlocked on 9 July. This anticipated unlock, valued at over $48 million, represents less than 1% of the total token supply. The unlocked tokens would be allocated to the Foundation and the Community Access Program.
Also, Aptos planned to unlock over 4.5 million APTs, valued at over $33 million. The unlocking process would commence on 12 July, primarily benefiting the community and the foundation.
These upcoming token unlocks hold significant potential for both tokens as they introduce a larger supply of tokens into the market.
Current Sui and Aptos trend
APT had initially experienced a positive daily price trend, but it suffered significant value depreciation since its launch. As of this writing, it was trading at approximately $7.6, reflecting a modest increase of over 4% in its value. This recent upward movement shifted the token into a slight bull trend, following a prolonged bearish period.
Similarly, SUI was also undergoing an upward trend in its price. Currently priced at around $0.8, it grew by over 1%. However, SUI’s Relative Strength Index (RSI) remained below 50, suggesting a prevailing bearish sentiment in the market.
TVL and volume
According to data from DefiLlama, both platforms have demonstrated respectable Total Value Locked (TVL) figures. As of this writing, Aptos had a TVL of approximately $43.6 million and a daily volume of around $716,000.
On the other hand, Sui currently had a comparatively lower TVL, which stood at around $12.26 million. Sui, however, boasted a higher trading volume than Aptos, with over $5 million.
– How much are 1,10,100 SUIs worth today
Considering the upcoming token unlocks scheduled for July, how these metrics would respond and the subsequent impact on price trends remains uncertain.