Today, Aptos made available over $200 million worth of APT tokens, which represents 8.9% of its circulating supply.
On December 12, Aptos, a blockchain project in Layer 1, started the release of 24.8 million tokens, accounting for 8.9% of its current circulating supply. Token unlockings are often seen as negative events because they boost the asset’s supply by releasing coins from a vesting period, which includes distribution to early investors.
Aptos Token Defies Norms with Impressive Gains
Despite the common trend of token unlockings being viewed as bearish, Aptos’ native token, APT, has shown resilience. Instead of declining, APT recorded nearly 14% in gains over the past few days, reaching levels not seen in the last six months, with an estimated total value of around $201.7 million.
In the latest unlocking event on December 12, 24.8 million APT tokens were released. Core contributors received the majority with $96.4 million, 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, leading to a 13.4% decline over the subsequent nine days. However, the recent unlocking did not hinder APT’s price, which surged to $8.8 on December 12th, reaching a level not seen since June and resulting in monthly gains of approximately 20%.
Aptos, a Layer 1 blockchain ecosystem developed by former Meta employees, has attracted significant investments from venture capitalists, including a16z, FTX Ventures, Coinbase Ventures, and Binance Labs, securing hundreds of millions of dollars in the last two years.
The partnership with Microsoft in August aimed to strengthen efforts in AI and Web3, while in November, South Korea’s largest wireless giant, SK Telecom, signed a tripartite agreement with Aptos Labs and Atomrigs Labs.
However, Aptos faced a service interruption in October, prompting several crypto exchanges like Binance, OKX, and Upbit to temporarily halt deposits and withdrawals of APT for five hours.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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