Aptos will open $53 million in APT tokens at 05:30UTC on April 12, increasing the circulating supply of the asset by 0.5% to 186 million APT.
The unlock will be the fourth release of earned tokens in 2023. Previous releases in 4.5 million APT tranches occurred on January 11th, February 12th, and March 12th.
APT Unlock will release 1.3 million APT for the Aptos Foundation
At current prices, the April open accounts for nearly a third of the $145 million in trading volume of the token in the last 24 hours. The issuance will also increase the circulating supply of APT to around 186 million tokens, taking the market cap to approximately $2,162,271,422.
Supply was set at 1 million tokens, with the April issue lowering the remaining supply to around 842 million ($9.81 billion).
Projects lock a native token in a “Bonus” smart contract that releases it in a controlled manner according to a predetermined schedule. Tokens are issued to stakeholders, including community members, core shareholders, foundation members, and investors.
conquest will Send 3.2 million APT to the community and 1.3 million APT to the Aptos Foundation. Tokens sent to the Foundation are used for grants, incentives, and to contribute to community growth initiatives.
In the end, about half of all APT will go to the community. One-fifth of equity shareholders, 16.5% for the Aptos Foundation, and 13.5% for investors.
Token issuances often lead to short-term volatility and price declines. The February open APT saw the token’s price drop by 8% on the day, to $13.02. The current price of the token is $11.62, down 42% from its all-time high of $19.92.
Technical analysis by BeInCrypto predicted that APT price would either break out to $13.80 or pull back to the $10 support area.
APT price could drop sharply below the $10 support, according to a new analysis
Aptos (APT) price has been falling below the descending resistance line since January 26th. Because there are many wicks, the exact slope of the line is not specified. It is possible that the price has broken out of a sharp (dashed) resistance line or that the price is still following a (hard) resistance line.
The fact that the RSI is at 50, which is a sign of a neutral trend, does not help in determining the right line.
More importantly, APT price is also trading above the $10 horizontal support area. A breakdown below could lead to a sharp drop to $7.50. It is possible that the unlocking of the aforementioned symbol would trigger such a decline.
On the other hand, if the price breaks the resistance line, a sharp move to $13.50 could follow.
For a recent Be (In) Crypto Bitcoin (BTC) analysis, click here.
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