- APT was down by more than 1.5% in the last 24 hours until press time.
- Metrics and market indicators remained bearish.
The bearish market condition has restricted most cryptos’ prices from rising, and Aptos [APT] was no expectation. The market was in a “fear” phase at press time, many expected a change in trend over the coming days. But that might not be the case with APT, considering its approaching token unlock.
Read Aptos’s [APT] Price Prediction 2023-24
Aptos’ price declines
CoinMarketCap’s data revealed that APT’s price had declined by more than 1.5% in the last 24 hours. At the time of writing, it was trading at $5.51, with a market capitalization of over $1.2 billion.
The declining price trend might continue as APT’s token unlock neared, scheduled on 12 September. An increase in circulating supply generally causes a dip in demand, which in turn pushes an asset’s price down further.
As per Token Unlocks, the unlock will inject 4.54 million APT, worth over $25 million. At press time, APT had 229,653,024 tokens circulating in the market. To date, 82% of the token’s total supply remains locked.
More trouble for Aptos
Apart from the upcoming token unlock, a check on the blockchain’s on-chain performance also raised a few red flags. For instance, negative sentiment around
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Author: Dipayan Mitra