APT Traded for More Than $1 Billion in the First Week on the Aptos Market Debut

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Last Updated on October 22, 2022 by Bitfinsider

The newest cryptocurrency on the market, Aptos, is attracting a lot of interest and has generated a sizable amount of trading activity in only a few days, despite the fact that much of the conversation this week about it has ranged from sarcastic remarks to outright condemnation.

APT, the native token of the Aptos blockchain, had done at least $1.3 billion in volume as of Friday afternoon, according to CoinGecko. Wednesday was APT’s first full trading day. It’s an intriguing contrast to all of the scorn the idea received on Crypto Twitter, the equivalent of a town square in the sector.

On Monday, the much-anticipated blockchain launched its mainnet. The project received a lot of criticism during the following 24 hours for its tokenomics—that is, the mechanics of the cryptocurrency’s economic model and distribution—lack of openness.

Crypto podcaster Cobie criticized exchanges that intended to list the APT token before the public disclosure of the tokenomics

Source: Twitter

The team later faced fresh criticism after confirming the specifics of its token distribution in a blog post after they had leaked.

This is as a result of venture capital companies holding 51% of the APT supply. That may be a sign that the project as a whole is “a rather blatant cash grab,” according to several traders, including an investor who goes by the Twitter handle “iamDCinvestor.”

The CEO and co-founder of Aptos, Mo Shaikh, acknowledged that the launch “could have gone better” on Tuesday afternoon on Twitter. All of these occurred just before the token’s trading that evening. Then, APT experienced a 40% decline in the first few hours.

Source: Twitter

Its cost hasn’t changed all that much since then. According to CoinGecko, as of Friday afternoon, it is currently trading at $7.38, down 46% from its initial trade. The token’s market valuation is $963 million despite this. It surpasses KuCoin, TrueUSD, Pax Dollar, and Maker’s native token MKR in this ranking.

Even though the majority of the attention has been negative, a lot of APT has been traded on cryptocurrency exchanges as a result of all the attention.

Since the token’s introduction on Tuesday night, Binance has held a majority share of the daily APT spot trade. The five APT trading pairs on the biggest cryptocurrency exchange in the world have had deals of $193 million, or 57%, over the previous day.

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