Aptos’ native APT cryptocurrency is on fire and has recently outperformed its peers. The world’s largest exchange has examined the factors that are propelling its growth.
Binance took a deep dive into the driving factors behind the epic Aptos rally on January 25. Over the last two weeks, the APT token has gained 253%, outperforming the majority of the crypto market.
Aptos is a layer-1 blockchain network founded by ex-Meta (Facebook) employees. It went live on mainnet in October and was dubbed a “Ethereum killer.”
In terms of on-chain activity, it is nowhere near Ethereum, but its APT token is soaring.
Aptos hosted their first “AptosMoveMonday” Twitter Spaces event of the year on January 9, according to Binance. Mo Shaikh and Avery Ching, co-founders, actively answered questions and discussed many upcoming developments during the session.
They announced expanded community engagements and events, such as the “AptosWorldTour,” as well as various conferences and developer meet-ups. This occurrence coincided with the significant APT price movement that launched the rally on January 9.
Aptos’ NFT activity has also begun to pick up, particularly on the network’s Topaz NFT marketplace. According to the researchers, collectors have been driving up floor prices and volumes as they look for potential flipping opportunities.
Binance launched two liquidity pools for APT/BTC and APT/USDT on January 20, claiming that this helped drive prices up 56%.
Aptos employs the Move programming language, which enables fast and secure transaction execution. It also has a parallel execution engine for scalability and a modular architecture that allows for regular improvements.
Last year, the crypto community chastised Aptos for being centralised, highly venture capital-backed, and lacking transparent tokenomics. Aptos was supported early on by major exchanges such as Coinbase, Binance, and FTX.
Token values fell after the original launch and were flat for almost three months before exploding.
APT prices have risen by 46.8% in the last 24 hours. This drove the price to a new all-time high of $18.83 in the early hours of January 26.
It has gained 372% since January 9, and has gained more than 400% in the last month.
It remains to be seen, though, whether the Aptos buzz will last or whether APT will dump again, as it did after launch.
