APTOS pumps over 300% this month: the next moonshot token?
APTOS a DeFi project token on Binance is up 347% this month, and 54% in one day, on the heels of a Binance Announcement it will inject more liquidity into the platform!
Cryptonews Article:
CryptoNews feels the coin is outperforming Bitcoin, Ethereum and other so called Blue Chips or Top Tier cryptos due to its DeFi Liquidity and fancy derivatives trading platform.
Hmmm sounds reminiscent of FTX perhaps?
From CrypyoNews:
Aptos Price Pump 68% to $13.77 as it Prints All-Time High - Too Late to Buy? In the last quarter, the crypto market showed increased stability, with many coins experiencing a price surge. Bitcoin, in particular, has shown incredible gains since the start of 2023, having gained over 38% to trade above $22,500 for the first time in two months. Alongside Bitcoin, many altcoins have been very successful in the market, and they have pulled off a stunning performances. Aptos (APT), one of the earliest blockchain projects, is up 54.73% from the previous day based on data from CoinMarketCap. APT has been one of the best performers in 2023 since its creation. For example, in January, it increased by 248%. As a new coin, it has outpaced many others across different sectors. However, Ethereum (ETH), Solana (SOL), Ripple (XRP), and Bitcoin (BTC) come close to it on the market share front. source
Exploring The Growing Popularity of APT: What Makes It So Desirable? The spike was caused by news of a huge announcement made by Binance, the largest cryptocurrency exchange, on January 20. According to the notice, the listing fee for new projects would increase from 1% to 3%. The Liquid Swap service on Binance has expanded to include Aptos (APT/BTC and APT/USDT), the exchange announced. The automatic market maker strategy was used to establish the Binance liquidity farming liquidity pool. It operates similarly to other DeFi swaps in that it is made up of different liquidity pools, each of which contains two tradable digital tokens. source
CoinDesk also gave it favorable press attention.
CoinDesk seems to feel it’s more the Binance pumping liquidity in APTOS they think it’s APTOS NFT market[lace taking off, apparently NFTs are hot, again… Digital Collectibles being the Proper Term now..
From CoinDesk:
Layer 1 blockchain Aptos’ APT token is up 250% in just 14 days even as the broader crypto market grapples with bankruptcies, lawsuits and a decline in overall sentiment.
The token commands a market capitalization of over $2.3 billion on Monday, making Aptos the 30th-most valued network based on current token supply, with a fully diluted valuation of $14 billion based on their total supply.
The price was just shy of $14 on Monday, up from last week’s $7 and over 300% from November’s $3 lows, per CoinDesk data. The move was primarily led by spot tokens because the APT futures market remained relatively muted.
Non-fungible token markets on Aptos appear to have contributed to that growth. Data from Aptos NFT marketplace Topaz show collections such as Aptomingos – a set of comic flamingos – and Aptos Monkeys attracted tens of thousands in trading volume in the past 24 hours, with the minimum prices of several NFT projects rising in the past week. Some popular traders on Crypto Twitter expect interest in Aptos NFTs to surge in the coming days. Flipping NFTs – a term for quick buying and selling of an asset – built on the network have steadily become trendy among opportunistic traders, several tweets by various community members suggest.
And other news outlets wrote glowing reviews:
- Stockhead.com source
But not everyone sees a rose, some smell a rat..
The Bitcoinist magazine thinks there’s price manipulation.
Aptos’ 156% Jump Spark Rumors of Manipulation Aptos was one of the most popular blockchain projects even before its launch in October 2022. A few months after its launch, the Aptos token was relegated to one of the low-performing cryptocurrencies. However, the Aptos token had a sudden price gain that has raised serious suspicions among analysts and investors. source
On January 16th, 2022, the Aptos token had a spike despite a higher number of sells, and analysts were quick to figure out it was a direct manipulation. Consequently, more than $129 million of assets were liquidated, according to the Coinglass tracking service.source
Despite the rally, Aptos is still about 92.5% behind its all-time high price of $100 at launch. Many people have assumed that the manipulation may be the handiwork of institutions that want to profit off Aptos’ token by leveraging price discrepancies. source
An article in Medium came right out and asked it was a pump and dump?
From Medium Article:
1 Billion APT tokens, distributed as follows: ➖ Community, 51% (510 M) ➖ Major contributors: 19% (190 M) ➖ Foundation: 16.5% (165 M) ➖ Investors: 13.48% (134 M) As we can see, 50% of the tokens are for team and investors which could translate into huge selling pressure ➖ Investors: 13.48% (134 M) source
➖ Poor Startup: After announcing the exit of the network to Mainnet they had problems reaching a speed of 4 TPS (something quite far from the target of 160k). ➖ Lack Of Transparency: The network was launched without previously announcing to the public the tokenomics of the project, something quite shady. ➖ Premining: In the official document of their tokenomics it is mentioned that the Mainnet was released on October 12, 2022, however it was not until October 17 that they announced it to the public, they were literal premining APT tokens before its public release. source
If your a trader, there maybe money to be made.
- But remember if there are winners, there has to be losers.
- Do your own research and invest only what you can afford to lose.
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