AltLayer's ALT Token Faces Significant Decline Amidst Massive Unlock

AltLayer's crypto token, ALT, has seen a notable drop of over 17% since Monday as the project prepares for a substantial token unlock today. Approximately $100 million worth of ALT tokens will be released, increasing the circulating supply by 42.09%. This influx of 684.33 million tokens could lead to selling pressure, especially from venture capitalists holding unrealized profits. Some investors are preemptively shorting ALT due to its high market capitalization compared to its fully diluted value. Despite concerns, AltLayer has adjusted its vesting schedule to delay further token unlocks until 2025, aiming for a more controlled distribution. This strategic move seeks to stabilize the token's value and ensure a gradual release of the remaining supply. Investors are advised to verify information independently before acting on it.