The developer of blockchain-based supply chain management platform Aptos may be preparing to sell $45 million worth of APT tokens, according to reports.
Analysts at Light Crypto wrote that the wallets of the Aptos development team began transferring $20 million to Binance in the past hour. Light Crypto added that there is still $1 billion in inventory in wallets.
And the nail in the coffin – the Aptos team split another ~45mm off the shelf for sale.
The rest has already been written. pic.twitter.com/t5DxmCf1lz
– Light (@lightcrypto) February 28, 2023
News of the possible token sale by the Aptos development team comes at a time when the value of APT has plummeted. Aptos is currently trading at $12.9, down 36% from its recent high of $31 set in January.
Source: TradingView
The news has caused some concern among Aptos investors and the broader crypto community, as a massive token sell-off by the development team could lead to further declines in Aptos prices.
However, it’s worth noting that token sales by development teams are not uncommon in the crypto space. In fact, it’s often seen as a way for teams to fund ongoing development work and keep projects alive.
While the token’s value is likely to fall further, some investors may see this as an opportunity to buy on dips. However, it is important to note that any investment in the crypto space carries significant risks and investors should always do their own research and make an informed decision.
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According to USA Today
