Aptos’s Native Token APT Crashed on its First Day of Trading

The new-comer crypto token, APT crashed by 45% in its first day of trading.
However, on Binance the APT token noted the high at $59.39 just before dropping below $10.

On October 19, 2022 the AptosLabs re-introduced itself with the support of Aptos Foundation. The Aptos Labs develop tooling and products on the Aptos blockchain that redefine the Web3 user experience.

The Crypto-Crash of “New-Comer” APT

According to CoinMarketCap, the current price of Aptos is $7.21 USD with a 24-hour trading volume of $587.50 Million USD. While Aptos is down 4.57% in the last 24 hours. And it is currently ranking at #52 on the top-60 cryptocurrencies listed on CoinMarketCap. It has a live market cap of $940.79 Million USD.

The Layer-1 blockchain network, Aptos, crashed by almost 45% on its first day of trading. On the other hand, on the world’s leading crypto exchange, Binance, the value of APT in short spiked to as high as $59.39 before crashing to below $10. This leading crypto exchange accounts for more than 50% of the token’s trading volume over the last 24 hours.

In addition, the Aptos Foundation announced that it would airdrop around 20 Million APT tokens to its early network participants after it had received some blowback from the community over its tokenomics.

1/ The Aptos Foundation has provided early network participants with APT tokens. If you are eligible to claim, you will receive an email from [email protected] in the next few hours.
— Aptos (@AptosFoundation) October 18, 2022

In the meantime, the famous Chinese Crypto Reporter, Colin Wu, reported that the Aptos Foundation had no strict anti-Sybil attack protocols that allowed some users to receive a massive amount of airdrop tokens. Wu also added that some individuals sold 189,567 APT tokens directly on Binance, which dropped the price of this token from $15 to $13.

After FTX launched APT, its APT contract was down, which caused some users to be unable to open the web page, resulting in the inability to close their positions. FTX says it is currently in the process of being fixed.
— Wu Blockchain (@WuBlockchain) October 19, 2022

Wu Blockchain also added that FTX found a problem after launching the token that the APT contract shut down. This made many users unable to close their positions. Whereas, FTX has added that it is working to solve the issue.

After the launch, Aptos blockchain got too much criticism on Oct. 17, 2022 after it failed to deliver on its promise of scalability and the lack of information surrounding its tokenomics.

Although, the Aptos developers have come out to drive-off all these rumors by the statement that the network is working as expected while also releasing a summary version of its tokenomics.

Lastly, in the list a developer who reportedly worked on Aptos staking, Paul Fidika, revealed that he stopped working on Aptos because of its dodgy tokenomics.

Source: https://www.thecoinrepublic.com/2022/10/21/aptoss-native-token-apt-crashed-on-its-first-day-of-trading/