Aptos drops 2% after unlocking its tokens in November

Journalist

Posted: November 12, 2023

• Nearly 10% of APT’s circulating supply was unlocked on November 12.
• APT was trading down more than 2% around $7.5.

Aptus [APT] was catapulted into the spotlight following the token unlock on November 12. With this unlock, Aptos unlocked 24.84 million APT tokens per Lookonchain. It made increased by 9.96% of circulating supply and had a total value of over $181 million.

24.84 million $APT ($181.35 million, 9.96% of cir. supply) unlocks on November 12.

11.88 million $APT($87.04 million) to Core contributors
8.42 million $APT $61.75 million) to investors
3.21 million $APT($23.53 million) to the community
1.33 million $APT($9.77 million) to Foundation

Bullish or bearish?

1/🧵
Here’s a thread pic.twitter.com/1qINkt5LQS

— Lookonchain (@lookonchain) November 11, 2023

Token unlocks further revealed a distribution breakdown. Notably, 11.88 million APT tokens (worth over $87 million) went to core distributors, while 8.42 million tokens (worth over $61 million) went to investors.

In addition, 3.21 million tokens were given to the community, and 1.33 million tokens were also given to the Foundation. These had values ​​of over $23 million and $9 million respectively.

The state of the circulating supply

Based on CoinMarketCaps According to data, Aptos’ circulating supply at press time was 249,383,461 tokens, worth approximately $1.82 billion. However, not all of these tokens were available for trading, as evidenced by oklink information inferred by AMBCrypto.

According to this data, at the time of publication, over 869 million APTs had been deployed, representing 87% of the circulating supply. This implied that the actual circulating supply was approximately APT 195.1 million. The value of this offering was approximately $1.4 billion.

How Aptos responded to the latest and current unlocks

The most recent Aptos unlock was on October 12, releasing 4.54 million APT worth $34.94 million. Furthermore, this unlocked APT constituted 1.82% of the circulating supply.

AMBCrypto’s analysis of the daily timeframe chart showed that Aptos was effectively absorbing this additional offering. Notably, the chart showed that a bullish trend began shortly after this unlock.

Furthermore, the eve of the unlock showed notable price developments, with Aptos gaining over 2.4% in value. At the end of trading on November 11, Aptos was valued at $7.6.

Source: TradingView

At the time of writing, Aptos has retreated to pre-unlock profits and experienced a drop in value of more than 2%. The price was trading around $7.5.

How much are 1,10,100 APTs worth today?

However, despite this decline, it has not deviated from its ongoing bullish trend, as evidenced by the Relative Strength Index (RSI). The RSI remained within the bull zone and consistently trended above 60.

Moreover, the long moving average (blue line) continued to act as immediate support, around $6.8 to $6.9. According to information from Token Unlocks, the subsequent unlock event is expected in a month.