Aptos Price Rally Faces Downside Risk from Impending Token Unlock

Aptos [APT] has seen a significant surge of over 10% in the past 24 hours, with daily trading volume exceeding $109 million. This price increase is largely due to the reduced supply of tokens, which resulted from a 10x fee increase implemented on the network.

The altcoin's gains are also fueled by increased activity on the chain, with RWA net flows driving Aptos's network activity over the past seven days. In fact, Aptos ranked second in terms of network activity, closely behind Ethereum [ETH], with $145 million in RWA net flows.

Transaction volume and active addresses have also seen a significant increase, indicating that participants are returning to the chain. Over 16 million transactions were recorded on September 3rd, while active addresses reached 57,047.

The fees collected from these transactions are used to buy back APT tokens and burn them, reducing the circulating supply. In the last 30 days alone, over 1.5 million tokens have been permanently burned, resulting in an annualized burn rate of 1.8 million tokens.

However, a potential challenge to Aptos's price growth may arise from an upcoming token unlock event. According to Tokenomist, approximately 11.31 million APT worth $6.88 million will be added to the circulating supply in just one week's time, which could put downward pressure on the altcoin's price.