Aptos unlocks 25 million tokens and APT rises 17% in a few hours

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.

Timeline of Aptos

On the brink of a significant event in the cryptocurrency world, Aptos, a renowned Layer 1 blockchain, is gearing up for a major token unlock. Scheduled for December 12, this event will see the release of 24.8 million APT tokens, a considerable 8.9% of its current circulating supply, valued at a striking $195 million.

Since the second week of October, there was a noticeable surge in demand for Aptos' native cryptocurrency APT. This increased interest led to a robust phase of Total Value Locked (TVL) growth.

In a recent conversation with crypto analyst Scott Melker, Mo Shaikh, the CEO and co-founder of Aptos (APT), outlined three pivotal factors that could usher in a new era of mass adoption for cryptocurrencies. Shaikh believes these elements can potentially attract a billion new users to the digital asset landscape.

The co-founder of Aptos (APT) is weighing in on what developments in the digital assets space could attract the next wave of mass adoption. In a new interview with crypto influencer Scott Melker, Aptos CEO and cofounder Mo Shaikh says that three main things could result in a billion new users flooding the space.

According to TokenUnlocks, a series of large-amount unlocks are slated for October, involving tokens like SUI, IMX, APT, APE, AXS and OP. The total unlock value for these tokens is estimated to exceed $174 million, a significant amount that could potentially impact the market dynamics of these assets.

South Korea's leading cryptocurrency exchange, Upbit , is reeling from a colossal security breach that has rattled the global crypto community. This unsettling incident came to light on a fateful Sunday when Upbit's vigilant security systems detected a fraudulent deposit that had infiltrated its platform.

South Korea's foremost cryptocurrency exchange, Upbit, has encountered a significant setback following the detection of a counterfeit deposit on its platform. A duplicitous group of scammers managed to present a sham coin as the authentic Aptos (APT) token, leading to one of the largest digital currency security breaches in modern history.

A fake token made to look like the real Aptos caused trouble on the Korean exchange Upbit. It made the APT token stop working for a bit because some people managed to put in the fake coins and take out real ones.

APT's on-chain metrics revealed low confidence in the bulls, hence low buying pressure. This could also be considered as a reflection of the weighted sentiment metric which has been hovering near its four-week low for since before mid-August.

Aptos total NFT trades count peaked at 5,751 in mid-June and recently dropped to single digit count. This underscored just how the slow market conditions have affected the network.