Aptos Price Rally Threatened by Upcoming Token Unlocks

Aptos, a relatively new altcoin, has seen its price surge by over 10% in the past 24 hours. The daily trading volume reached $109 million, with the token's gains fueled by a continuous supply crunch since its fee switch.

The reduction in supply was achieved through a mechanism where transaction fees are used to buy back Aptos tokens and burn them, thereby reducing the circulating supply. In the past 30 days, over 1.5 million tokens were permanently burned, resulting in an annualized burn rate of 1.8 million tokens.

However, despite this positive trend, Aptos faces a challenge with its upcoming token unlocks. Approximately 11.31 million tokens worth $6.88 million are set to be released into the circulating supply in a week's time, which could put downward pressure on the price.