Aptos price surging despite selling pressure fears after token unlock

Aptos price has surged by more than 7.5% today to trade at $11.87 correlating with today’s Bitcoin price surge that saw it jump above $30,000 for the first time in ten months.

Today’s Aptos price surge has pushed APT to double-digit gains in the monthly charts. This is baffling to many seeing that it comes at a time when market participants fear that the upcoming token unlock could trigger massive selling pressure.

A brief history of Aptos

The Aptos blockchain was launched in October 2022 and it was shortly followed by several hiccups. However, a majority of the issues have since been resolved.

One of the main problems that affected the blockchain was a high volume of phishing attacks and scams in the NFT space.  The blockchain has however managed to reduce counterfeit behaviour considerably.

Aptos recently launched a gas reduction plan and crucial updates for Topaz, which is a leading NFT marketplace on Aptos. These upgrades are seen as the main factors behind the recent APT price surge.

Upcoming Aptos token unlock

Interestingly, 84.73% of the total APT token supply (1,028,864,490 APT tokens) is locked. According to available blockchain data, the nearest APT token unlock is scheduled for Wednesday 12, 2023, which is just a few hours away.

During the token unlock, 4,543,478.03 $APT tokens will be released to the circulating token supply, something that could trigger some massive selling pressure because of the increased circulation.

Although it is difficult to predict how the APT price will react to the token unlock, today’s price surge could be a pointer that the token could try to withstand the selling pressure after the unlock.