Key Points
- Aptos’ APT tokens, valued at $351 million, were released into circulation, but faced a decrease due to Bitcoin’s plunge.
- The market crash impacted other metrics on Aptos’ network, including volume and social dominance.
The release of APT tokens by layer-1 blockchain Aptos was met with a market crash led by Bitcoin.
APT Tokens and Market Crash
The unlocking and circulation of tokens often have significant effects on their price. In some instances, this event can cause high volatility and a decrease in the token’s value due to the increased supply. This was the case with APT tokens, which were valued at over $351 million at the time of release.
However, the excitement within the Aptos community was short-lived as Bitcoin’s plunge to $65,000 led to a significant decrease in the value of altcoins, including APT. As a result, the Aptos native token’s price was $10.13, a 12.57% loss in value within 24 hours.
Impact on Aptos’ Network
Beyond affecting the price, Bitcoin’s correction also impacted other metrics on the Aptos network, notably the volume. On the 12th of April, APT’s volume was less than 200 million, but it increased to 543.09 million later on. However, the surge in volume did not necessarily translate to a spike in buying pressure.
The future of the token’s value remains uncertain. If the volume decreases while the downtrend continues, the decline might weaken, potentially leading to a rebound. On the other hand, if the volume and price both continue to fall, the token’s price could drop below $10.
Social volume and dominance around Aptos also declined, indicating fewer discussions about the project. This could potentially affect the price, as a surge in these metrics usually implies hype around the token. For now, it seems APT may continue moving sideways, but if Bitcoin retests $70,000, a significant increase in APT’s value could be possible.
