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Aptos Trading Goes Live On Central Exchanges, Is It The Next Shitcoin, Or Will It Be The Solana Killer?

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After a rocky launch, Aptos trading goes live, and the token is already seeing double-digit losses.



As reported by The Crypto Basic yesterday, several leading crypto exchanges like Binance, FTX, and Coinbase had announced that they would be listing Aptos (APT) just about 24 hours after it went live on the mainnet. Notably, trading is live, and the token is already printing double-digit losses.

APT Struggles To Find Its Footing After A Rocky Launch

As per CoinMarketCap data, APT is trading at the $7.42 price point. It has tanked by 11.57% in the last 24 hours. Its total volume on central exchanges stands at about $723.5 million, with Binance pairs commanding nearly 53% of this volume.

It is worth noting that the current price action is unsurprising, considering the rocky launch that the perceived “Solana killer” had yesterday. The first sign that something was not right was that fewer than 24 hours before the token made its way to exchanges, users still had no idea how the 1 Billion APT tokens would be distributed. Notably, the eventual tokenomics release further soured the minds of retail investors as it showed 51% in combined allocations to developers and Venture Capital investors.

To make matters worse, several users disclosed that despite being promised airdrops from the “incentivized testnet,” they had received nothing. Moreover, as a user highlighted, the chain that touted itself as the most scalable Layer 1 blockchain was anything but that. As per the data, Aptos was averaging a transaction speed comparable to Bitcoin at around four transactions per second (TPS), nowhere near the 100k TPS promised. 

A thread was created by the user sharing these concerns and more.

As popular crypto trader Mac noted, the launch, if anything, looked rushed as the network was not working properly.

Traders’ Outlook

So far, the sentiment around the token on crypto Twitter has not been positive. Traders have openly expressed the intent to dump the token. One such trader is Jay FTX, who shared a meme describing the project as a scam and the token as a shitcoin.

Others, like Mac, have opted to wait it out and let the initial turbulence die down to get a clearer picture.

Meanwhile, reports from Wu Blockchain have sparked speculation that the Aptos team is worried about exchanges starting futures or perpetual trading. As per the reports, the team will prefer futures trading of the token to be restricted for the first two weeks of trading.

While the possible reason for this is unclear, it may be an attempt to ward off traders interested in shorting with size till they iron out their issues. Whatever it is, we may never know as exchanges like Binance, OKX, and FTX have all opted to launch spot and futures trading simultaneously.

Aptos raised $350 million in funding from Andreessen Horowitz (a16z) and FTX alone. Before launch, it was valued above Uniswap Labs, the number 1 DeFi protocol, at $4 billion.

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Mark Brennan
Mark Brennanhttps://thecryptobasic.com/
Mark Brennan has been active in the cryptocurrency sector since 2014. His love and passion for the nascent industry drove him to develop interest in writing about important developments and updates about cryptocurrencies and blockchain. Brennan, who holds a Masters degree in Business Administration, learned about the potential of blockchain technology. Aside from crypto journalism, Brennan runs an education center, where he educates people about the asset class.

Disclaimer: The content is for informational purposes only, may include the author's personal opinion, and does not necessarily reflect the opinion of TheCryptoBasic. All Financial investments, including crypto, carry significant risk, so always do your complete research before investing. Never invest money you cannot afford to lose; the author or the publication does not hold any responsibility for your financial loss or gains.

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