Aptos (APT) Gains 10% Ahead of July Token Offering

APT, the native token of the Aptos Network, is currently making waves in the market as it prepares for its upcoming token launch in July. According to Data by CoinMarketCapAPT has gained 10.14% in last 24 hours to emerge as one of the top gainers in today’s market.

Aptos Expects New Token Issuance

According to data from token tracker site token unlock4.54 million APT tokens, worth $36.94 million, are scheduled to be issued on July 12. This upcoming token release will account for 2.17% of the total circulating supply.

For investors familiar with APT Markets, this is quite normal, as the Aptos Network is programmed to unlock new tokens on the 12th of each month.

These tokens are issued to the Aptos Foundation as well as its user community to support ecosystem projects, award grants and further other community development initiatives.

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However, while APT is currently making profits, the token release’s impact on the market is unpredictable, as seen in the past. In January, APT saw an increase of more than 50% after the scheduled unlock, but fell by 13% in February after the same event.

Following the launch of the Aptos mainnet in October 2022, there will be a total supply of 1 billion APT tokens. Of this amount, data from TokenUnlock shows that 166.35 million APT tokens have been unlocked so far, which is only 17% of the total supply.

apt value analysis

On Saturday, October 19th, 2022, Aptos (APT) token made an impressive debut in the crypto market, reaching a market cap of $100.

However, this was followed by a massive decline as the price dropped to the $3.5 level. Over the next three months, APT slowly recovered and climbed to the $20.00 price area, where it met with resistance.

Since then, the coin has experienced an overall bearish trend with its value falling by over 58% so far.

APT Trading At $8.15 On The 1-Hour Chart | Source: APTUSD Chart On Tradingview.com

Looking at the APT hourly chart, the current price action of the coin shows that it is facing a resistance zone at the $8.33 price level.

If APT is able to break this hurdle, it will continue its bullish momentum and possibly trade higher at $8.82, which appears to be the next resistance area.

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However, a failure to surpass the $8.33 price mark could trigger a bearish trend and the coin is likely to decline towards the market cap of $7.14, which represents the next support level.

At the time of writing, APT is currently trading at $8.1556, down 0.17% in the last hour. The daily trading volume of the token also increased by 137% to $276 million. Aptos is the 33rd largest cryptocurrency with a market cap of $2 billion.

Featured Image from iStock, Chart from Tradingview