APT Suffers Steepest Daily Loss Amid Looming Token Unlock
CryptoNewsTerminal Staff05 Sep, 2024
APT Suffers Steepest Daily Loss Amid Looming Token Unlock
Aptos (APT), a prominent cryptocurrency, has experienced a significant decline in its price, making it the worst performer among major cryptos as reported by Coindesk. This downturn comes ahead of a scheduled token unlock that could potentially flood the market with new tokens. The impending token unlock involves $65 million worth of APT tokens to be distributed to early investors and other stakeholders next week. According to Coindesk, a cryptocurrency research firm, Messari, has observed a historical trend of cryptocurrencies underperforming the broader market in the lead-up to and post-large token unlocks. The broader crypto market has also been trading lower due to the anticipation of crucial U.S. employment data, which has raised concerns about a potential economic recession and impacted risk assets. Despite a recent surge, APT has not fully recovered its losses, indicating that the token unlock could further impact its price in the coming days.
