The Layer-1 blockchain Aptos released $351 million worth of APT tokens into circulation on April 12th. The market crash led by Bitcoin caused a double-digit decrease in the value of the token. Despite the optimism surrounding the token unlock event, the price of Aptos took a hit as Bitcoin dropped to $65,000, affecting the entire market including altcoins like APT.
The decrease in social volume and dominance around Aptos indicated that the broader market collapse overshadowed the scheduled token unlock event. The price collapse of the market had a significant impact, with the social metrics showing a decline in discussions and interest around the project. The current downtrend in APT might not be over yet, and future movements will depend on factors like volume and market conditions, leading to potential rebounds or further plunges in price.
As the market remains uncertain, early participants in APT who buy when there is little attention may have an advantage in the long run. If Bitcoin retests $70,000, APT could potentially see a 50% increase in value. The overall market conditions and investor sentiment will play a crucial role in determining the future trajectory of APT and other cryptocurrencies affected by the recent market fluctuations.
