Potential “Solana Killer” Rises Over 30% After First Week of Trading
Since its launch, Aptos Price (APT) has entered the top 100 cryptocurrency market capitalizations and has shown the market’s highest return after rising more than 32% in the past 24 hours, according to CoinMarketCap data, following significant post listings. on major cryptocurrency exchanges — including Binance, FTX, OKX, and others.
Aptos Labs, a startup founded by employees behind Facebook’s Diem cryptocurrency, began trading for a week on October 17 with its flagship Aptos blockchain network as well as its native cryptocurrency.
Prior to its launch, Aptos was considered a potential “Solana killer” and made promises to make transactions faster and cheaper on a blockchain that supports non-fungible tokens (NFTs), decentralized autonomous organizations (DAOs), and decentralized financial activities (DeFi). Aptos boasted that it is capable of about 130,000 transactions per second. But during its launch on Monday, it was reported by a Paradigm engineer that the blockchain was capable of less than seven transactions per second — less than the Bitcoin network.
However, Aptos co-founder Mo Shaikh responded to the allegation. While he was excited about the blockchain launch, he acknowledged that the slow start and low TPS “were the results of the fact that the network was underutilized, and that was just for growing pains.”
Despite being a new token, APT has managed to rank in the top 60 in terms of market capitalization size. Currently, Aptos (APT) is ranked 44th out of more than 13,000 cryptocurrency projects listed today, according to data from CoinMarketCap.
The reasons why APT is succeeding in the market are based on three factors, negative funding rates, VC support, and the market recovery.
It’s no secret that prior to the Aptos coin’s listings on major exchanges, the cryptocurrency was already receiving a huge amount of support from institutional investors connected to the Meta’s Diem cryptocurrency project . The launch of Aptos came after the blockchain platform raised $200 million in March, backed by Andreessen Horowitz, Coinbase Ventures, FTX Ventures, Multicoin Capital and other major crypto venture capital firms.
Despite the 50% drop, Aptos remains one of the largest digital assets in the market, and the potential market recovery brings some support for the token.
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