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HomeNewsAptos (APT) Soars Following Massive Coin Unlock Event

Aptos (APT) Soars Following Massive Coin Unlock Event

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  • Aptos released 25 million APT coins on December 12th, valued at over $200 million, leading to a nearly 20% surge in APT’s price.
  • Despite a general market decline, Aptos shows strong bullish sentiment with key momentum indicators trending upwards.

Aptos Experiences Significant Price Growth Post-Coin Release

On December 12th, Aptos, a Layer 1 blockchain network, executed a significant unlocking event, releasing 25 million APT coins valued at over $200 million. This move led to an impressive intraday surge, with the price of Aptos [APT] soaring by nearly 20%. The unlocking fueled a buying wave that pushed APT to its highest price point since June, rallying above $9 to peak at $9.13.

The distribution of the unlocked APT coins was extensive, with 1.33 million APT going to the Aptos Foundation, 12 million to developers, 8.42 million to investors, and 3.21 million to community members, as per Token Unlock data.

Following the initial rally, APT experienced some retracement but still maintained a 9% price increase over the last 24 hours, according to CoinMarketCap. This performance is particularly noteworthy given the broader bearish trend in the cryptocurrency market, where leading coins like Bitcoin [BTC] and Ethereum [ETH] saw declines.

Bullish Trends in a Bearish Market

Despite the general market downturn, with the global cryptocurrency market capitalization dropping by 2% in the past week, Aptos continued to show bullish sentiment. Analysis of APT’s daily chart reveals key momentum indicators trending upwards. The Money Flow Index (MFI) stood at 72.32, nearing the overbought zone, while the Relative Strength Index (RSI) was at 58.64. These values suggest that accumulation of APT exceeded selling among daily traders.

The coin’s Chaikin Money Flow (CMF) reached its highest level since November 11th, indicating a significant inflow of liquidity into the APT market. The CMF value of 0.24 pointed to strong buying pressure, as more money was flowing into the coin than out.

In the futures market, APT’s open interest reached its highest level in the past month. Data from Coinglass showed a 42% rise in APT’s open interest since the coin unlock event, with the value standing at $125 million. This uptick reflects the heightened interest from investors who rapidly opened new trading positions following the unlocking event, contributing to the surge in APT’s price.

Aptos’ Future Trajectory Post Unlocking Event

The recent developments around Aptos and its APT token indicate a strong market interest and bullish sentiment, despite the broader crypto market’s bearish phase. The substantial increase in open interest and liquidity influx highlights the growing confidence in Aptos’ potential and its appeal to investors. As the market continues to react to these changes, the future trajectory of APT’s price and the overall health of the Aptos ecosystem will be closely monitored by investors and analysts alike.

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Ralf
Ralf
Ralf Klein is a computer engineer specializing in database technology, and as such, he was immediately fascinated by the possibilities of blockchain when he first heard about it, especially since this distributed, tamper-proof technology can be the foundation for much more than just cryptocurrencies. At ETHNews, he translates the articles of his English-speaking colleagues for the German readers. Business Email: info@ethnews.com Phone: +49 160 92211628
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