Which bear market?
APT tokens on the Aptos level 1 blockchain have surged 250% in just 14 days, even as the broader cryptocurrency market grapples with bankruptcies, lawsuits, and a decline in general sentiment.
The tokens have a market cap of over $2.3 billion on Monday, making Aptos the 30th-highest valued network based on the current token supply, and has a fully diluted valuation of $14 billion based on their total supply .
Prices are trading just below $14 on Monday, down from $7 last week and more than 300% from November’s lows of $3, according to data from CoinDesk. The move was mainly driven by spot tokens as APT futures remained relatively quiet.
The NFT markets on Aptos appear to have contributed to this growth. Market data from Aptos NFT Topaz shows collections such as Aptomingos – a set of comical flamingos – and Aptos Monkeys have attracted tens of thousands of trading volumes in the past 24 hours as floor prices for several NFT projects increased last week.
Some popular Crypto Twitter traders are expecting interest in NFT Aptos to increase in the coming days. Reverse NFTs – a term for the quick buying and selling of an asset – built on the net have become all the rage among opportunistic traders, several tweets from various community members suggest.
Aptos mainnet was launched on 18th October after many checks and technical difficulties. Some have criticized the way APT tokens have been distributed: investors and the Aptos Foundation have received nearly half of the billion tokens issued, raising concerns that investors and the foundation could potentially liquidate their tokens, triggering a negative market reaction.
The team, for its part, defended the token distributions citing adequate lock-up periods put in place to prevent any large investors from offloading their holdings en masse. “Our goal when designing tokenomics was to create something that fairly represents the community,” Aptos CEO Mo Shaikh told CoinDesk in an interview.
“If you look at our distribution of tokenomics, we have one of the weakest blockchains for investors. … It’s one of the nicest we’ve seen, even compared to other projects,” Shaikh said at the time.