Aptos saw considerable growth in its NFT space last month.
Aptos [APT] saw its last token unlock on April 12, in which the network released a fractional amount of tokens. The unlocked tokens represent 0.45% of its total supply and were worth more than $52 million. according to Token Unlocks, the next Aptos unlock is due in 29 days.
This is what followed…
Usually, the unlocking of a token is followed by a price drop, as the theory of supply and demand suggests. As newly unlocked tokens increase in circulating supply, the price of the asset could fall. This was true in APT’s case as well and the token’s daily chart was in the red.
According to CoinMarketCap, APT has dropped by more than 3.5% in the last 24 hours. It was valued at $11.35, with a market capitalization of more than $2 billion. At the time of writing, CoinMarketCap states that the live Aptos price is $11.78 USD, with a 24-hour trading volume of $198,247,535 USD.
Other Factors at Play
The latest drop may be a mixed result of the token unlock and the bearish market condition. LunarCrush’s data revealed that bullish sentiments around APTO decreased by more than 17% last week, which was also reflected on the APT weekly chart. Although it couldn’t be directly related to the price drop, quite a few metrics favored the negative.
Interestingly, according to Token Terminal, the number of active Aptos developers has also decreased in the last 30 days. The APT price drop came along with a massive increase in volume, which also seemed worrisome for the token.
Aptos NFTs Cause a Stir…
Despite the lack of interest shown toward APT, the network’s NFTs seem to be in a brighter spot. Aptos NFTs have caught the attention of many as the Blockchain hosted their NFT NYC Week. On April 11, Aptos tweeted the following:
“It’s NFT NYC Week in the Big Apple. Drop your favorite events, talks, and after-parties in the comments! Let’s start a thread of the best meet-ups this week. Don’t forget to RSVP for the official Aptos x NFT NYC ‘Free Renfield’ After Party with @NBCUniversal.”
In addition to the event, Aptos also launched Art of Aptos, a new series highlighting NFT projects across the ecosystem. This may further increase the popularity of Aptos NFTs in the coming weeks.
According to Santiment’s chart, Aptos experienced considerable growth in its NFT space last month. The total number of NFT trade counts and USD trade volume increased substantially, which seemed bullish for the future of Aptos NFT.
Bears to Dominate in the Short Term
Although the Aptos NFT space registered growth, the state of APT cannot be considered in its prime. Most of the market indicators aligned with the interests of the sellers, increasing the chances of a continued downtrend.
The ribbon exponential moving average (EMA) showed a bearish crossover. The money flow index (MFI) fell slightly, which was a negative sign. In addition, the Chaikin Money Flow (CMF) declined sharply, suggesting a price drop in the coming days.
By Audy Castaneda
