Aptos [APT] is expecting its next token to unlock in the next few days, which can cause a price correction.
Aptos will unlock more than 24 million tokens in the next 12 days, even as APT’s weekly and daily charts remain in the green. But will the unlock cause APT’s price correction?is expecting its next token unlock in the next few days. The unlock is coming at a time when the token’s price action is bullish, raising fears of an upcoming price correction. However, even as its price went up, the blockchain’s network activity declined substantially.
At the time of writing, APT was trading at $7.14 with a market capitalization of over $1.7 billion, making it the 31st largest crypto. Along with the price, Aptos’ 24-hour trading volume also spiked by more than 77%. While the current price action suggested that investors were enjoying profits, the future might be different, asAs per Token Unlocks’ 30 October tweet, the blockchain is all set to inject more than 24.8 million APT into the market, which will increase its circulating supply. Generally, whenever supply increases, demand for an asset drops, which causes a decline in its price.
If metrics are to be believed, APT’s bull rally might end even before the token unlocks. As per Coinglass, APT’s Funding Rate turned red at press time. This showed that derivatives investors were reluctant to buy APT at a higher price.This could exert more selling pressure on the token and cause a drop in its price.While the blockchain’s market indicators turned bearish, its network activity also registered a drop.
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