APT Bulls Face Test as 11M Token Unlock Looms

Aptos, the altcoin, surged by more than 10% in the past 24 hours with daily trading volume surpassing $109 million. The gains were fueled by a continuous supply crunch since its fee switch and reduced supply.

The chain continues to accrue revenue, with average transaction fees standing at $0.0005 since the 10x fee increase. These fees are used to buy back APT and burn them, reducing the circulating supply. Approximately 1.8 million tokens have been burned annually since mainnet.

However, Aptos faces downside risk from an upcoming token unlock. About 11.31 million APT worth $6.88 million will be added to the circulating supply in a week's time, which is equivalent to 0.65% of the released supply.