Contrary to the last token unlock in November, when the APT token witnessed a drop in prices, the current token unlock has taken prices significantly higher.
What Happened: Founded by ex-Meta executives, Layer 1 blockchain Aptos (CRYPTO: APT) announced the release of 24.84 million tokens that account for 8.9% of its circulating supply. The tokens are equivalent to around $223.3 million.
TokenUnlocks data shows the majority of the unlock tokens, $96.4 million, were assigned to core contributors. $68.4 million went to investors, $26.1 million went to the community and $10.8 million went to the Aptos Foundation.
Price Action: The APT token is up more than 15% in the last 24 hours, based on CoinMarketCap data. The trading volume in the past 24 hours grew by 54.1%.
Aptos’ earlier token unlock in November led to a 20% drop in the APT token's price. At that time, Aptos unlocked 24.84 million APT tokens accounting for 9.96% of the circulating supply that were worth around $181 million.
What's Next? Token unlocks have a significant impact on token price movements, and the project plans to release an equal number of tokens into circulation in the next 30 days. The total size of unlock events planned for 2024 could reach $1.5 billion at current prices, as reported by CoinTurk news.
Related Link: KuCoin Banned In New York As Part Of $22M Settlement For Illegal Crypto Transactions
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