Aptos, the blockchain-based supply chain management platform, could see its dev team selling another $45 million worth of tokens, according to reports. An analyst at Light Crypto, who remains anonymous for safety reasons, wrote that the Aptos dev team’s wallet has started “feeding the Korean ducks,” with $20 million in spot sent to Binance in the last hour. Previously, the analyst added that $1 billion in inventory remains in the wallet.
The news of a potential token sale by the Aptos dev team comes at a time when the platform’s native token has seen a significant decline in value. Aptos is currently trading at $12, down 36% from its recent high.
and the nail in the coffin – the Aptos team has split another ~$45mm in spot to sell.
The rest of this has written itself already. pic.twitter.com/t5DxmCf1lz
— light (@lightcrypto) February 28, 2023
The tightly controlled supply of tokens has been activated, and on Feb. 1st, another $17 million in sales is likely to occur using the same methodology as in October.
This news has caused some concern among Aptos investors and the broader cryptocurrency community, as a significant sell-off of tokens by the dev team could lead to a further decline in the token’s value. However, it is worth noting that token sales by dev teams are not uncommon in the cryptocurrency space. In fact, it is often seen as a way for teams to fund ongoing development work and maintain the longevity of their projects.
Despite the potential for a further decline in the token’s value, some investors may see this as an opportunity to buy in at a lower price point. However, it is important to note that any investment in the cryptocurrency space carries a significant amount of risk, and investors should always do their own research and make informed decisions.
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