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

Crypto Twitter is suspicious of new kid on the block, as the math behind Apto’s rising market price raises questions.

Aptos (APT) Gains 13% Despite Price Manipulation Allegations
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.

Sponsored

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.

Sponsored

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.

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
Tadas Klimasevskis

Tadas Klimaševskis is a Lithuanian journalist at DailyCoin, specializing in covering the lighter side of the crypto industry such as memecoins and pop culture in the metaverse. He has experience as a music artist, English language teacher, and freelance writer, and uses his creative writing skills to summarize valuable information in his work. He is also a strong believer in the potential of blockchain and spends his free time listening to music, traveling, and watching basketball games.