- $351 million worth of APT tokens were in circulation.
- Bitcoin’s plunge triggered a double-digit decline in the token.
Layer 1 blockchain Aptos (APT) unlocked 6.24% of its total supply on April 12. However, optimism about this event was put on hold due to the Bitcoin (BTC)-led market crash.
Unlocking tokens and putting them into circulation affects the price. In some cases, such events result in high volatility and an increase in supply, causing the value of the token in question to fall.
At launch, the APT token was valued at over $351 million. Before the unlock, the Aptos community was hyped about it, and some predictions indicated that the price could bounce back afterwards.
There is no event greater than the king
However, the price of Bitcoin subsequently fell to $65,000, and altcoins, including APT, could not escape the onslaught. At press time, the price of the Aptos native token was $10.13.
This value means that the cryptocurrency has lost 12.57% of its value in the last 24 hours. In addition to price, Bitcoin’s correction also affected other metrics on the Aptos network.
One of the biggest impacts was volume. In the early hours of April 12, APT’s trading volume was less than 200 million. At the time of writing, that number has grown to 543.09 million.
Increasing trading volume means increasing interest in cryptocurrency. However, a surge in volume does not always mean a surge in buying pressure.
For APT, the price seemed to indicate the opposite.
Source: Santiment
However, it seems that the token may not be finalized yet due to the economic downturn. If trading volume decreases thereafter, the downward trend in APT may continue and weaken. So a rebound could be next.
In this case, APT may try to revisit $12. However, if Aptos’ trading volume continues to decline while the price is falling, a further plunge could be an option.
In this case, the token price may fall below $10.
be careful! something is boiling
Meanwhile, the social scale surrounding the project declined. Before the advent of Bitcoin, social volume of APTs was expected to increase considering upcoming unlocks.
But the decline here was evidence that the broader market price collapse had overshadowed that. If not, Aptos searches may have skyrocketed.
Likewise, social dominance also declined, indicating that discussion surrounding the project was not at its previous peak. The decline in social dominance in terms of price can be significant.
Source: Santiment
This is because a spike in the indicator would have hinted at the hype surrounding it. At this point, it may be difficult for prices to bounce back stronger.
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However, buying when there is little or no interest can force participants to take action early in the game. For the time being, APTs may continue to move sideways.
However, if Bitcoin retests $70,000, the token could go higher and a 50% increase could be possible.