Aptos (APT) Faces Scam Allegations as It Surges 420% in a Month

Erratum: The following article was published with a factual error and was corrected on 30/01/2023 10:15 UTC. 
In the article, Aptos was referred to as Layer-2 blockchain. 
In actuality, Aptos is a Layer-1 blockchain. The article has been amended and updated.

• Meta’s ex-employees created the new Layer-1 blockchain.
• Aptos NFTs surged in both NFT floor price and trading volume.
• The surge escalated after Binance added two liquidity pools for APT.

The newly-surfaced Layer-1 solution made waves by skyrocketing 420% in the last 30 days. As the bullish sentiment continues since the beginning of the new year, Aptos (APT) is the unmistakable top gainer of the week, being the only altcoin that grew by triple digits.

On top of that, the flagship breakout this week after the Binance news catapulted Aptos by another 48%. Binance added liquidity pools in relation to the new altcoin – APT/USDT and APT/BTC. Thus, the push by Binance added more bullish sentiment for the already thriving cryptocurrency, making it the top gainer of the day.

Does the Math Work Out for Aptos?

Interestingly, the unexpected rise of Aptos has been blasted by a substantial number of crypto investors on Twitter, alleging that the new crypto is “scam pumping.” In contrast, others complain about the Aptos blockchain itself, claiming it barely even works.

Moreover, the technical difficulties surrounding Aptos aren’t something new. Indeed, crypto enthusiasts spotted many bugs in the system during the launch in October 2022. The new cryptocurrency was heavily endorsed by the notorious Sam Bankman-Fried and Alameda Research.

Finally, there are a lot of crypto traders who believe that APT is fully controlled by its developers. Therefore the market price of $APT can be easily manipulated. Allegedly, the Aptos unlock schedule is coming up in 17 days. In such a case, the unlocked APT would most likely cause a market price plunge, and the retail investors would have to soak it up.

At press time, the #28th ranked Aptos is priced at $18.41, according to CoinGecko. The controversial crypto made a name for itself by soaring from $3.46 on January 1st, 2023, to a new all-time high of $19.39 nine hours ago.

Ultimately, Crypto Twitter is divided about the reputation of  APT. Still, the fresh altcoin has already surpassed well-established cryptos like Stellar (XLM), Apecoin (APE), and Bitcoin Cash (BCH) by global market capitalization.

On the Flipside

• Despite the scam allegations and technical issues, APT is the first blockchain to put Move technology into practice.

Why You Should Care

The surge of APT’s increased public interest in crypto brought new retail investors and tested out a new coding language.

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