- $351 million worth of APT tokens were released into circulation.
- Bitcoin’s sharp decline caused a double-digit decline in the token.
Layer 1 Blockchain Aptos [APT] released 6.24% of the total supply on April 12th.However, the market crash led by Bitcoin [BTC]putting an end to optimism regarding events.
Unlocking a token and putting it into circulation will affect its price. In some cases, events create high volatility and the increase in supply reduces the value of the associated token.
At the time of its release, the APT token was worth over $351 million. Before the unlock, the Aptos community was buzzing about the unlock, with some predictions pointing out that the price could rise afterward.
There is no event bigger than the King.
But since then, Bitcoin has fallen to $65,000, and altcoins, including APT, have not been spared the onslaught. At the time of writing, the price of Aptos native token was $10.13.
This value means that the cryptocurrency has lost 12.57% of its value in the past 24 hours. Besides the price, the Bitcoin correction also affected other indicators on the Aptos network.
The biggest impact was on volume. In the early morning hours of April 12th, APT’s volume was less than 200 million. As of this writing, that amount had increased to 543.09 million.
The increase in volume is growing interest With crypto currency. However, a spike in trading volume does not always mean a spike in purchasing pressure.
In the case of APT, the opposite seemed to be the case as the price showed the evidence.
Source: Santiment
However, it looks like the token may not be done falling just yet. If the volume later decreases while APT’s downtrend continues, the decline may weaken. Therefore, a rebound may occur next.
In this case, APT may try to access $12 again. However, if Aptos’s volume continues to decline while prices fall, further sharp declines could be an option.
In this case, the price of the token could drop below $10.
be careful!something is brewing
On the other hand, the social volume surrounding this project has decreased. Before the arrival of Bitcoin, APT’s social volume was expected to increase given the planned unlocks.
However, the decline here proved that the market-wide price collapse was overshadowed. If not, your Aptos search may have jumped.
Similarly, social control is reduced; discussion Conditions surrounding the project were far from their previous highs. The cost may be a significant decline in social control.
Source: Santiment
This is because a spike in an indicator can imply hype about that indicator. At this point, it may be difficult for prices to rise even more violently.
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But buying when there’s little attention can draw early movers into the game. APT may continue to move sideways for the time being.
However, if Bitcoin retests $70,000, the token could rise further, potentially allowing for a 50% increase.
