Take fast:
- Aptos price started to increase on January 20th when Binance announced the opening of Aptos liquidity pools.
- Aptos experienced a price pump of over 250% in the last two weeks.
- The price pump has fueled the increase in trading volume of some of the top 10 Aptos NFT collections.
As the crypto market recovered in a post-FTX tumble after months, the price of APT, the token of the layer 1 blockchain, Aptos, surged over 50% over the weekend to hit an all-time high of 14.39 on Jan. 22 $.
The sudden increase in price action was not accidental and did not come out of the blue. It started on Jan. 20 when Binance announced the opening of APT liquidity pools with BTC and USDT pairs. Binance Liquidity Farming is a liquidity pool developed according to the AMM (Automatic Market Maker) principle.
Like any other DeFi swap, Binance Liquidity Farming consists of different liquidity pools and each liquidity pool contains two digital tokens. Users can provide liquidity in the pools to become a liquidity provider and earn transaction fees and BNB rewards, and easily exchange two digital tokens in the liquidity pools.
After the announcement, APT saw a significant price increase, increasing by over 50% in 24 hours. The current hype surrounding Aptos could also be due to the large VC support. Last July, it raised $150 million in a funding round led by now-defunct FTX and Jump Crypto. Just a few months later, in September, following a strategic investment by Binance, Aptos hit a $4 billion valuation, quadrupling its valuation in six months.
The launch of the blockchain on the mainnet last October had some problems as it was reported that the network has a transaction speed of 4 transactions per second (TSP), falling far short of the promised 160,000 TPS. It was also criticized for not disclosing its tokenomics at launch. However, this obviously did not affect the performance of its APT token.
Aptos’ price action has also sparked interest in NFTs on the Layer 1 blockchain as traders rush to capitalize on the hype. According to Aptos-based NFT marketplace Topaz, collections like MAVRIK, Spooks, Kreachers, BabyApetos, and AptoPunks have seen a significant increase in trading volume over the past 24 hours.
Notably, AptoPunks, based on blue-chip project CryptoPunks, has seen its trading volume increase by 2,577.2% in the last 24 hours, while BabyApetos has seen its 24-hour trading volume increase by 3,260.82%.
While AptoMonkeys, Aptomingos and Bruh Bears are the leading NFT collections on Aptos, they are seeing a drop in their 24-hour trading volume, with Aptomingos seeing a 79.45% drop. Despite this, the trading volume of these top 3 collections still far outstrips others in the top 10. The leading collection, AptoMonkeys, saw over $18,000 worth of transactions in the last 24 hours.
As APT’s price action fuels growing interest in NFTs on the Aptos blockchain, crypto influencer Loma expects more Aptos NFTs to launch in the coming weeks. He tweeted: “You will see a number of Aptos NFTs flood the market over the next few days/weeks imo. Where there’s a giant pump, there it is [sudden] massive interest and innovation.”
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