Millions of Aptos Tokens (APT) will be unlocked on Wednesday, with plans to increase the circulating supply by 0.5%, according to the data. Unlocking is scheduled to take place on April 12 at 05:30 UTC (12:30 on the same day in Vietnam time).
APT is up nearly 8% in the past 24 hours, according to TradingView data. The current market cap of the Aptos network is over $2.1 billion.
Based on current token prices, unlocked APT is worth over $50 million. Unlocking refers to the automatic issuance of new tokens belonging to any blockchain network to the open market, usually based on a previously predetermined token scheme.
About 84% of APTs are still locked, which means that in the long run, the current valuation may decrease, because most tokens are not yet listed.
Token unlocking is a key event that can affect the market as participants react to the move. Adding tokens to the market allows early investors, developers or other owners to sell their assets while prices are still high – which increases selling pressure.
However, based on underlying demand, new investors or traders could add to their existing holdings of the token, causing the price to rise after the initial selling pressure subsides.
- Aptos (APT) Is Preparing for a Big Bull Run, Here’s Why
- What’s next for Aptos, Chainlink, and the altcoin market after Bitcoin cools off?
According to Coindesk