Aptos (APT) Token Defies Gravity: Hits June-Level Highs Despite Recent Token Unlock
Aptos, a blockchain project in Layer 1, initiated the release of 24.8 million tokens on December 12, equivalent to 8.9% of its current circulating supply. Token unlockings are generally viewed as bearish events as they increase the asset’s supply by releasing coins from a vesting period, including to early investors.
The native token, APT, appears to be defying this trend. Instead of declining, APT amassed nearly 14% in gains over the past few days, climbing to levels not seen in the last six months. The total value of these tokens is estimated to be around $201.7 million.
- Core contributors received the majority, with $96.4 million, while investors received $68.4 million, the community received $26.1 million, and the Aptos Foundation received $10.8 million, according to TokenUnlocks data.
- In a previous unlocking event on November 12, an identical amount of APT tokens was released. The token experienced a 13.4% decline from $7.82 to $6.77 over the subsequent nine days following the unlocking.
- However, the latest unlocking has failed to deter APT’s price as the token climbed $8.8 on December 12th, a level not seen since June. This catapulted its monthly gains to approximately 20%.
- Aptos is a Layer 1 blockchain ecosystem that was developed by former Meta employees who departed the company in 2021. It has secured hundreds of millions of dollars from some of the most prominent venture capitalist investors, such as a16z, FTX Ventures, Coinbase Ventures, and Binance Labs, among others, in the last two years.
- American multinational tech firm Microsoft partnered with Aptos in August to double down efforts on AI and Web3.
- In November, South Korea’s largest wireless giant, SK Telecom, signed a tripartite agreement with Aptos Labs and Atomrigs Labs.
- Aptos faced a five-hour service interruption in October this year, leading several crypto exchanges, such as Binance, OKX, and Upbit, to temporarily halt deposits and withdrawals of APT.
The post Aptos (APT) Token Defies Gravity: Hits June-Level Highs Despite Recent Token Unlock appeared first on CryptoPotato.
