The crypto market has been rocked by massive token unlocking, with Aptos leading the way by releasing 24.8 million of its APT tokens.
This Layer 1 blockchain, founded by former Meta executives , valued at more than $200 million , represented 8.9% of its circulating supply.
However, this event did not unfold without consequences; Following the previous unlock in November, the price of APT fell 13.4% , later recovering strongly and currently trading at $9.05, an increase of 17% in the last 24 hours, according to data from CoinMarketCap .
The recipients of these tokens were diverse: $96.4 million was allocated to key contributors, $68.4 million to investors, $26.1 million to the community, and $10.8 million to the Aptos Foundation.
This move, while critical for the platform, also exposes the volatility associated with mass unlocks, which could influence market sentiment and prices in the short term.
In addition to Aptos, Other major players prepare to release their own tokens
ApeCoin, the ApeCoin DAO governance token tied to the prestigious NFT community Bored Ape Yacht Club, plans to unlock 15.6 million APE tokens, valued at $25.9 million, on December 17.
Simultaneously, Optimism, an Ethereum layer 2 solution , is set to launch 24.2 million OP tokens, valued at $56.1 million, on December 30.
These unlocks, which represent a significant portion of their circulating supplies, could also influence their respective markets and prices.
However, Aptos has not been without its difficulties , experiencing a five-hour outage in October that led certain exchanges, including Binance, OKX, and Upbit, to temporarily suspend APT deposits and withdrawals.
These events, although transitory, can undermine trust in the platform and its perception in the market.
As Aptos, ApeCoin and Optimism prepare to release large amounts of their digital assets, markets are on tenterhooks, anticipating potential price fluctuations and assessing the long-term impact on the crypto landscape.
