- The Move technology L1 blockchain Aptos slides below $10.
- Next APT token unlock to put $45M of APT in circulation.
- Topaz NFT declines in trades, Aptomingos NFTs soar in the bear market.
The #33 ranked altcoin Aptos (APT) slid below the $10 price range for the first time since January 20, 2023, when the emerging blockchain had just licked its wounds after a buggy launch in late 2022. Moreover, two weeks ago, the scheduled unlocking event put $53 million of APT tokens in circulation, which could have added to the bear pressure.
At press time, the Move technology Layer-1 blockchain Aptos trades at $9.9722, according to CoinGecko. Plunging by 4.4% in the last 24 hours, $APT has lost a fundamental support line for over three months. With another token unlock coming in May, crypto investors are ringing the alarm on Twitter.
Puzzled Traders: Buying Opportunity or Bear Trap?
As the Proof-of-Stake (PoS) consensus mechanism blockchain worked through the bugs experienced on launch, $APT had a great start to the year 2023, with 420% gains in January. Aptos devs proved their worth by fixing many of technical issues and reducing phishing scams in NFT trading. Finally, Aptos successfully installed innovative scalability methods like the parallel execution engine.Â
Sponsored
However, the blockchain’s native token Aptos (APT) price movement has pursued a protracted descent in the weekly charts. The 19% decline in the last seven days came after a blitz rally caused by Elon Musk mentioning ‘APT’ in a tweet. The bizarre Tweet boosted APT to $13.33 for a brief moment.
Finally, there’s a planned token unlock of 4,543,478.03 $APT on May 12, 2023, increasing the circulation by 0.454%. Aside from the gradual unlocks of the fixed amount, there’s still 84.27% of APT tokens on lock, according to the tokenomics tracker Token Unlocks.
Currently, crypto traders like Bombay Billionaire are trying to determine if the bearish trend won’t break below $9.6, as rejected support at this level would erase most gains from the January 2023 rally and cause a freefall for the high-tech token.
Move Boards Sweepstakes to Announce 35 Winners
To breathe life into the Topaz NFT market, Move Boards recently announced an NFT giveaway with a prize pool of 50 APT, which equals just under $500 at the time of publication. Crypto enthusiasts can win NFTs from top trending collections on Topaz, for instance, an NFT key to unlock Aptomingos NFT.
Sponsored
This particular NFT collection is among the few ones soaring in popularity. Aptomingos depicts 1212 pixelated flamingos living on the Aptos blockchain. Aptomingos NFTs’ floor price currently stands at 27.9 APT, while the daily trading volume of the leading NFT collection is 103.25 $APT, or around $1000, indicating a steep decline in NFT trading activity.
On the Flipside
- Crypto enthusiasts on Twitter allege that the $APT price is manipulated due to the fact that 84% of the cryptocurrency is still on lock.
- Part of Crypto Twitter believes a lack of sustained demand for the blockchain for retail users is mainly focused on institutional investors.
Why You Should Care
Aptos is a newcomer blockchain company, while the native token $APT is among the most watched altcoins of 2023.
Explore trending DailyCoin cryptocurrency news:
Elon Musk Hands Out Free Badges as Twitter Priority Kicks In
Ripple’s CEO Drops Hints: Moving Away from the US Like Coinbase?
