beincrypto.com
The Aptos native APT token is on fire and vastly outperforming its peers recently. The world’s largest exchange has taken a look at the factors that are driving its momentum.
On Jan. 25, Binance took a deep dive into the driving factors behind the epic Aptos rally. The APT token has made a whopping 253% over the past two weeks, outperforming most of the crypto market.
Aptos is a layer-1 blockchain network developed by former Meta (Facebook) employees. It launched on mainnet in October and was touted as another “Ethereum killer.”
It has come nowhere near Ethereum in terms of on-chain activity, but its APT token is surging.
Aptos Fundamentals Strengthen
Binance noted that Aptos hosted their first “AptosMoveMonday” Twitter Spaces event of the year on Jan. 9. Co-founders Mo Shaikh and Avery Ching actively answered questions and discussed many upcoming developments in the session.
They announced increased community engagements and events, including the “AptosWorldTour,” in addition to various conferences and developer meet-ups. This event coincided with the big APT price movement that kicked off the rally on Jan. 9.
Aptos’ NFT activity has also started to tick up, particularly on the Topaz NFT marketplace for the network. The researchers noted that collectors have been pushing up floor prices and volumes as they take advantage of potential flipping opportunities.
On Jan. 20, Binance launched a couple of liquidity pools for APT/BTC and APT/USDT, claiming this helped drive prices up 56%.
Aptos uses a programming language called Move, which enables fast and secure transaction execution. Furthermore, it uses a parallel execution engine for scalability and a modular architecture supporting frequent upgrades.
Aptos was criticized by the crypto community last year for being centralized, heavily venture capital-backed, and having no transparent tokenomics. Major exchanges, including Coinbase, Binance, and FTX, were all early Aptos backers.
Token prices dumped after it was initially launched and remained flat for around three months before taking off.
Price Pumps
APT prices have surged a whopping 46.8% over the last 24 hours. This has pushed the price to a new all-time high of $18.83 during the morning hours of Jan. 26.
Since Jan. 9, it has made a monumental 372% and has notched up more than 400% gains over the past month.
However, it remains to be seen whether the Aptos hype is sustainable or whether APT will dump again as it did after launch.