What is going on with Aptos’ price?
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According to CoinGecko, no cryptocurrency or token has increased more during the previous week than Aptos.
The native token of the Aptos blockchain, APT, has increased in value by almost twofold over the last week and by 46% just the other day, reaching as high as $20.4. Aptos’ growth since the beginning of the year has been 350%. Why?
It’s tough to pinpoint a specific cause, but data from CoinGecko’s UpBit exchange in Singapore indicates that the South Korean won trading pair accounted for roughly half of the $2 billion in APT traffic in the previous day. APT was listed on UpBit for $18.63 at the time of writing.
The fact that it is selling for almost $0.50 more than that on Binance and most other exchanges suggests that at least some of the activity is the result of arbitrage deals. Arbitrage traders, to put it simply, profit on price differences. They sell for the highest price they can obtain and buy at the lowest price that is offered.
The price differential between South Korean exchanges’ listings of cryptocurrency assets and those of their international competitors, known as the “Kimchi premium,” is so regular. The Seoul Central District Prosecutor’s Office just started an inquiry into unlawful remittances worth 2 billion Korean won that arbitrage traders used to take advantage of it last year.
It’s also important to note that despite just being the 20th-largest DeFi ecosystem overall, Aptos has experienced tremendous growth over the previous month. Despite the fact that January hasn’t even ended, the DeFi volume on Aptos increased from $14 million in December to $51 million this month.
The trading pair between APT and Binance USD (BUSD) on Binance accounted for an additional 10% of the APT volume over the previous day. Two APT liquidity pools, which currently make up another 18% of APT’s trading activity, were recently added by Binance, the largest cryptocurrency exchange in the world by volume.
Cryptocurrency peer-to-peer trading is supported by liquidity pools. In order for their tokens to be exchanged with other users, individuals are encouraged to “pool,” or deposit, their tokens. They are necessary for the operation of decentralized exchanges like Uniswap and Curve. But they are also used by centralized exchanges like Binance.
The APT/Tether and APT/Bitcoin liquidity pools on the Binance Liquid Swap platform made their debuts on January 20. For contributing money to the pools, the network pays users with BNB, the utility token for the exchange.
Binance is guaranteeing a 92.42% yield on APT/USDT and a 99.49% yield on APT/BTC liquidity pool deposits as of the time of writing. Users would receive 0.71% and 1.07% BNB incentives out of it, paid every hour, accordingly.
Since the beginning of the year, Aptos has regularly outpaced the market. It did, however, have a rocky beginning when its mainnet opened in October.
The project faced a lot of criticism for delaying the release of its tokenomics. When the blockchain, which had claimed speeds of up to 150,000 transactions per second, revealed rates of only 4 transactions per second following its major debut, the criticism increased.
Mo Shaikh, a co-founder of Aptos, stated on Twitter at the time that it was an indication that
the network was idling ahead of projects coming up.
Many of the VC firms that have established themselves as industry leaders have backed Aptos, including Andreesen Horowitz, Multicoin Capital, Jump Crypto, Tiger Global Management, Blocktower Capital, and Coinbase Ventures. Additionally, the initiative closed a $150 million Series A round and a $200 million strategic round prior to its launch.
Two businesses on that list—the venture arm of Sam Bankman-Fried’s crypto empire, FTX Ventures, and hedge firm Three Arrows Capital—have since declared bankruptcy.
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Guild of Meta Masters (MEMAG)
The first gaming guild to focus specifically on mobile web3 solutions is Meta Masters Guild (MMG). The team’s goal is to create outstanding blockchain-enabled mobile games that create a decentralized gaming environment and give our users sustainable incentives for their contributions to the ecosystem.
While in-game rewards will be paid in “Gems,” all games in this new ecosystem will use a single token called the Meta Masters Guild token (MEMAG). The Gems tokens can then be redeemed or invested in various ways within the ecosystem, including staking, by players.
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In an ongoing presale, investors are purchasing MEMAG tokens for $0.01 each. To date, $977k has been raised. Six days remain for investors before the price rises to $0.013.
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Related
- APT Price Prediction – Aptos Pumps Up 50% In A Day!
- Aptos CEO Defends ‘Fair’ Tokenomics That Angered the Community
- Aptos is off to a rocky start, but its prospects may not be all that bad; D2T goes on presale
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