The Layer-1 blockchain project Aptos released $351 million worth of APT tokens into circulation on April 12th, sparking optimism within the community. However, the market crash initiated by Bitcoin’s plunge halted any potential rally in the token’s value. Despite initial excitement and predictions of a price surge, the cryptocurrency faced a double-digit decrease, with the Aptos native token dropping to $10.13.
The sudden influx of APT tokens into the market triggered a 12.57% loss in value within 24 hours, highlighting the impact of external market factors on token prices. The increase in volume, from less than 200 million to 543.09 million, showcased rising interest in Aptos. Nevertheless, the downtrend experienced by APT may hint at a potential rebound if volume decreases while the price continues to fall, potentially leading to a retest of $12 or a further plunge below $10.
Despite expectations of increased social volume and dominance surrounding Aptos due to the token release, the broader market crash and Bitcoin’s correction overshadowed any positive developments. As discussions and interest in the project waned, the future price performance of APT remains uncertain. While a sideways movement is possible in the short term, a potential climb higher could occur if Bitcoin retests $70,000, paving the way for a 50% increase in the token’s value.