- On July 11, over $32 million worth of APT will be unlocked.
- APT lost more than 1% in value as the hour of unlocking approached.
Aptos [APT] is on the verge of an imminent cliff unlock as it will take place in a few hours. Will there be any noticeable impact on APT’s trajectory as unlock approaches?
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Aptos to see Cliff unlock
Recent data from Token unlocks revealed that a significant number of tokens, amounting to more than $80 million, would be unlocked this week. This also included Aptos.
The statistics indicated that the value of the APT tokens to be unlocked was $32.21 million. The value represented about 2.2% of the total supply. Notably, these tokens followed a cliff unlocking mechanism.
🔓This week’s cliff unlocks are over $80.46 million 🔓
🔥 Highlights are $APT & $APE🔥$APT 2.2% – $32.21 million 🌟$APE 4.2% – $29.95 million 🌟$IMX 1.7% – $12.64 million$ CURRENT 0.7% – $4.41M$ SWEAT 3.6% – $1.25M
( % circ. supply )
Link⛓️ : https://t.co/8XoTR8tBPT pic.twitter.com/7tRkFOjqWs
— Token Unlocks (@Token_Unlocks) July 11, 2023
It is worth noting that the unlocked tokens were intended for distribution to the community and the Foundation, with the community receiving the bulk of the allocation.
In this context, cliffs represent a designated period of time that must elapse before the tokens are released. The duration of these cliffs can vary depending on the purpose behind the token allocation.
Consequences for Aptos?
Based on data provided by Market capitalization of coins, APT had a circulating supply of 210.3 million tokens at press time. In addition, the data reported that the total supply exceeded 1 billion tokens.
In addition, in the past 24 hours, trading volume has surpassed $94 million, a growth of more than 14% at the time of writing. These stats suggested that despite the imminent unlocking of more APT tokens, it may not have a significant impact on the price trend.
The tokens set to be unlocked only represent 2% of the total supply, which is lower than the daily trading volume the token typically sees.
Poor price trend as unlocking looms
Analysis of APT’s daily price trend revealed a lack of positive momentum ahead of the unlock. At the time of writing, the token was trading at around USD 7, reflecting a decline of more than 1%.
Realistic or not, here is APT’s market cap in terms of BTC
In addition, the overall trend was disappointing, as indicated by a downward trend on the chart. This unimpressive trend was further supported by the Relative Strength Index (RSI), which was below the neutral line, signaling a bearish trend.
Source: TradingView
The short moving average (yellow line) also acted as a resistance level, with the price constantly below it.
