Big Warning For This Altcoin: The Team Is Selling The Coins In Bulk!

A new study has suggested that the team behind a rapidly popular altcoin project could sell a large amount of coins. The worrying transactions come from a study that scrutinized the wallets of the unannounced token-carrying team.

Claims of ‘secretly selling’ popular altcoin

LightCrypto, an investment specialist with 172,000 followers, suggested in the new report from Twitter that the Aptos (APT) team may sell their allocated tokens in bulk. On-chain data reveals that wallets associated with the core developer team behind Aptos have sent massive amounts of tokens to Binance. So far, $20 million worth of APT tokens have been released. There are still $1 billion worth of tokens available that the team can cash out.

LightCrypto’s report suggests that the team may launch the tokens on Korean exchanges. The high APT volume, especially on Upbit, can be proof of that. The data also shows that the APT/USDT pair on Upbit is holding a massive $400 million position. A look at the exchange’s order book revealed an obvious anomaly in this trading pair.

Aptos (APT) was one of the most powerful projects of recent times

Notably, in the recovery momentum that started in the first weeks of the new year, Aptos has emerged as one of the best performing cryptos of 2023. It has gained almost 500% in the last three weeks. In fact, it has the title of being the first token to reach the ATH level again.

Meanwhile, the official unlock date for the tokens reserved for their initial investors and soliders is set for November 2023. Let’s point out here that the majority owners of Aptos are certain whales. The metaverse and NFT-heavy project has been criticized for its centrality and unstable token economy since its mainnet release.

How risky is Aptos compared to other altcoin projects?

In this regard, Selini Capital’s CIO and Blockchain advisor Jordi Alexander exaggerates the high expectations of Aptos (APT) investors and the “next generation L1” narrative surrounding the project. In an analysis he shared today, he suggested that retail investors should be cautious while taking positions in the APT/USDT pair right now. The analyst attributes this to VC investors being able to “intelligently outsmart” individual investments.

Introduced in February of last year, Aptos was launched by former Meta developers. The project is also among Meta’s spin-offs based on Diem’s ​​own programming language. The key feature that makes Aptos stand out is its eccentric approach to Blockchain scaling and the fundamental technical innovation it provides.

To conclude in terms of price, Aptos price has managed to maintain its green candle streak in the last days. On January 28, it spends time above $18.00, slightly higher than in the last 24 hours. We have included the developments surrounding Aptos in this article of Kriptokoin.com.