Is it Too Late to Buy Aptos? Experts Give Their APT Price Predictions After 72% Rise in 7 Days
APT, the token that powers new up-and-coming layer-1 blockchain Aptos, is consolidating just to the north of the $13 level on Monday. Profit-taking in wake of a stunning 281% rally since the start of the month, with over 70% of these gains coming in the last seven days, preventing the cryptocurrency from holding at record-high levels just to the north of the $14 mark.
APT’s rally has been in part powered by a broader move higher in crypto since the start of the month which has, for the most part, been fuelled by macro-optimism (for easier monetary policy this year and next). Some analysts have also cited growth in trading volumes on Aptos-based NFT marketplace Topaz as boosting interest in the recently launched layer-1 blockchain.
Crypto twitter community members were skeptical as to the sustainability of the rally. According to @Z_Humphries, Aptos is a “new shiny L1 and a lot of the VC money that left Solana could be going here... just a guess”. VC stands for Venture Capital – these are essentially hedge funds that invest in speculative projects in order to make quick money.
Other Twitter users also referred to the cryptocurrency as a VC “pump”.
Another user criticized Aptos’ allocation to insiders.
Early investors and the Aptos Foundation have been allocated roughly half of the 1 billion tokens that can eventually be issued. At the moment, only 16% of tokens have been issued, with many of the insider owned tokens vested for extended time periods.
According to popular crypto YouTube channel Coin Bureau, the latest rally has been pumped by a short-squeeze and Aptos’ popularity in Asia. However, Coin Bureau cautioned that market manipulation could be at play. According to Coin Bureua, there is speculation that whales might be
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