Aptos, Cyberconnect, ApeCoin Prepare for Big Events

Cryptocurrency prices came under intense pressure on Wednesday morning as Bitcoin lost the key support at $27,100. In all, most coins and tokens retreated while the volume traded in exchanges fell by more than 17% in the past 24 hours to $23.6 billion.

Aptos price slipped to a low of $4.81, the lowest level since January 10th of this year. It has crashed by over 76% from the highest point this year. The key issue with Aptos is that its ecosystem has had a relatively slow growth in the past few months. For example, its total DeFi total value locked (TVL) stands at just $46 million, making it smaller than Sui, Heco, and Ronin.

Aptos has also been highly dilutive, thanks to the substantial tokens coming in the market. Data shows that millions of tokens have been dumped in the market, leading to more tokens in circulation. The next token unlock will take place on Wednesday when the team will unlock tokens worth over 4.54 million tokens valued at over $21.85 million. Aptos releases 4.5 million tokens every month, leading to major dilution.

Cyberconnect and ApeCoin unlocks

The other big unlocks this week will be from CyberConnect and ApeCoin. CyberConnect, a platform building decentralized social network, will release 1.26 million tokens worth over $5.6 million. These tokens will go to public sale investors, ecosystem fund, and community treasury.

Cyberconnect investors should prepare for big unlocks in the coming years since only 12% of the tokens have been unlocked.

Finally, ApeCoin and Axie Infinity will have major unlocks in the coming days. ApeCoin will release over 15.6 million tokens, with most of them going to insiders. The platform has unlocked millions of tokens in the past 12 months, which explains why it has crashed.

Correction

A previous version of this article had Sweat as one of the coins with upcoming unlock. We have changed this to reflect that there is no scheduled unlock.