The independent Layer 1 network Aptos (APT), developed by Blockchain engineers who previously worked on Meta’s stablecoin project Diem, is on the verge of a significant development. On the morning of January 12th, a substantial token unlocking event will take place in the Altcoin project. The unlocking event is expected to impact the price, potentially leading to downward pressure.
24.84 Million APT Tokens to be Unlocked
In the Layer 1 Blockchain network Aptos, 24.84 million APT tokens will be unlocked at 07:59 AM local time on January 12th, which will be added to the current circulating supply of 309.32 million tokens. With the current prices, the circulating supply of Aptos will increase to 334.16 million tokens, with the 24.84 million APT valued at 204.45 million dollars.
According to the data provided by Token Unlock, of the unlocked APTs, 1.33 million tokens (worth 10.97 million dollars) will be allocated to the Aptos Foundation, 3.21 million tokens (worth 26.42 million dollars) to the community, 11.88 million tokens (worth 97.73 million dollars) to the initial contributors of the project, and 8.42 million tokens (worth 69.33 million dollars) to the project investors.
Current Status of Aptos’ APT
Ahead of the substantial token unlock event, the price of APT has seen a 14.88% increase in the last 24 hours, trading at 9.42 dollars. Data shows that APT’s price has dropped by 7.84% over the last 7 days, but has risen by 19.10% over the past 30 days.
Furthermore, experts are warning investors that the entry of 24.84 million APT tokens into circulation with the unlocking could impact the price and potentially lead to a downward trend.
Indeed, looking back at the previous substantial token (24.84 million APT) unlock event on December 12, 2023, the experts’ expectations seem to be supported. On the day of the unlock event, APT traded at an average of 7.79 dollars, rose to 9.11 dollars the following day, and then began to fall. Consequently, the altcoin’s price continuously moved downward after December 13th, reaching as low as 7.88 dollars over the next six days.
