APT, the token that powers the new and upcoming layer-1 blockchain Aptos, is consolidating north of the $13 level on Monday. Profit-taking in the wake of an astonishing 281% rally since the start of the month, with more than 70% of these gains coming in the last seven days, keeps the cryptocurrency from holding record-high levels north of the $14 mark. ,
APT’s rally is partly driven by a wide high speed Since the start of the month in crypto, which has for the most part fueled macro optimism (For easy monetary policy this year and next). Some analysts have cited an increase in trading volume on the Aptos-based NFT marketplace. topaz As interest grows in the recently launched Layer-1 blockchain.
Crypto users are skeptical about the rally
Members of the crypto Twitter community were skeptical about the sustainability of the rally. According to @Z_Humphries, Aptos is a “shiny new L1 and a lot of the VC money that left Solana could go here… just a guess”. VC stands for Venture Capital – these are essentially hedge funds that invest in speculative projects to make a quick buck.
Other Twitter users also referred to the cryptocurrency as a VC “pump”.
Another user criticized the allocation of Aptos to insiders.
About half of the 1 billion tokens that may eventually be issued have been allocated to early investors and the Aptos Foundation. At the moment, only 16% of the tokens have been issued, with many insider-owned tokens vesting for extended time periods.
According to popular crypto YouTube channel Coin Bureau, the latest rally has been pumped by the popularity of short-squeezes and Aptos in Asia. However, the Coin Bureau cautions that market manipulation can occur. According to CoinBureau, there is speculation that whales may be manipulating the market to cash in, given that many of the recently pumped coins are heavily VC funded, like Aptos.
Is It Too Late to Buy Aptos?
If the skeptics are right that Aptos is being manipulated so that whales can cash out, then perhaps it’s not too late to buy Aptos. Pump and dump refers to when prices rise sharply, whales unload their bags before falling again and apt may well go through this process.
Now that all major profit targets have been hit as APT returns to record highs, a retracement lower is possible. Potential APT investors may be attracted to add to long positions by levels such as the $7.0 support area and the $5.0 support area should APT pull back.
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