Aptos Token Crashes On Exchanges On Debut
- The APT token was dumped significantly on Wednesday as it crashed by more than 8% after reaching a daily high of 100 USD and witnessed a daily low at $1 on Binance crypto exchange.
- Following the listing of ATP on FTX, the exchange suffered an error due to which users were unable to close their positions and the exchange said that they are looking into the matter.
- A situation like this was previously predicted by a Twitter user @paradigmengineer420 who said that the majority of APT tokens are either staked or ready to be dumped on retail investors
The crypto community was very much excited for the launch of one of the most heavily funded blockchains in the crypto space, Aptos, but its launch has failed terribly, as the blockchain has been called ‘broken’ by crypto enthusiasts. Following the debut of the blockchain’s mainnet, the governance token of the project was also listed on a popular exchange.
According to the algorithm by Bitnation, the APT token was dumped significantly on Wednesday as it crashed by more than 8% after reaching a daily high of 100 USD. Moreover, at the time of writing, the price 1 APT is around $7. Interestingly, it seems that the usage of the blockchain is very much limited considering the absence of NFTs or other important aspects related to decentralized finance.
Following the mainnet, the debut of the APT token without adding any value to it seems futile. According to the data from Binance, the world’s largest crypto exchange, the price of Aptos (APT) token at the time of listing was around $100, which was extremely high. Since then, the token has fallen by more than 10 times which means that it is being dumped pretty hard in the market.
A situation like this was previously predicted by popular a Twitter user @paradigmengineer420 who said that the absence of strong and transparent tokenomics, coupled with a lack of strong features integrated into the blockchain of Aptos indicates that the developers will rug the buyers of the APT token and sell their tokens at high prices. This is what happened, as it seems that the developers who owned a significant percentage of supply just sold their holdings, crashing the price of the APT token.
The Twitter user mentioned above was the one to point out that the transactions per second value for Aptos is quite lower as compared to any other blockchain out there. He shared several screenshots wherein it was clear that the TPS of the blockchain was arond 4 while that of Bitcoin, the world’s oldest blockchain network, is around 5. This means that the blockchain which claimed to challenge Ethereum, turned out to be not what people expected.
The Twitter user pointed out that said that the majority of APT tokens are either staked or ready to be dumped on retail investors and this came out to be true in every sense of the word.
An update was also provided by promient crypto journalist and one of the most well-renowed news source in the crypto space, WuBlockchain wherein it was revealed that a surprise airdrop from Aptos without a strict anti-sybil attack system in place caused people to claim a large number of APT tokens.
“Someone selling 189,567 APT directly on binance, resulting in the APT price from $15 to less than $13,”
WuBlockchain revealed.
Moreover, after another exchange FTX listed ATP, “its APT contract was down, which caused some users to be unable to open the web page, resulting in the inability to close their positions,” WuBlockchain further added.
Interestingly, Aptos has received funding from the venture arm of FTX exchange, FTX Ventures, venture arm of Binance exchange, Binance Labs, and Jump Crypto.
Could the executives, developers, and investors in the new blockchain project be dumping their bags on investors? It is yet to be answered!
A crypto journalist with over 3 years of experience in DeFi, NFT, metaverse, etc. Parth has worked with major media outlets in the crypto and finance world and has gained experience and expertise in crypto culture after surviving bear and bull markets over the years.
