Aptos (APT) is facing a temporary existential threat as millions of the tokens are set to unlock, diluting its circulating supply. According to data from crypto analytics provider Lookonchain, a total of 24.84 million APT worth as much as $181.35 million will be unlocked Nov. 12, a move based on the protocol’s predefined vesting schedule.
24.84M $APT ($181.35M, 9.96% of Cir. Supply) will be unlocked on Nov 12.11.88M $APT($87.04m) to Core contributors8.42M $APT $61.75M) to Investors3.21M $APT($23.53M) to Community1.33M $APT($9.77M) to FoundationBullish or Bearish?1/Here is a thread https://twitter.com/lookonchain/status/1723275504806162661/photo/1
— Lookonchain (@lookonchain) November 11, 2023
Per the insights shared by Lookonchain, a total of 11.88 million APT or $87.04 million is designated to be unlocked and distributed to core contributors on the Aptos network. A total of 8.42 million APT or $61.75 million is poised to go to investors, while the community and Aptos Foundation will get 3.21 million APT ($23.53 million) and 1.33 million APT ($9.77 million), respectively.
The prospect that these unlocked tokens might be liquidated by the designated recipients is dampening expectations. As such, it is depriving Aptos from participating in the ongoing altcoin rally. At a time when cryptocurrencies like FTX Token (FTT) and Celsius (CEL) are on a major bullish rampage, APT has dropped 1.17% to $7.34, with bears threatening to pare off the 6.52% accumulated in the past week