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The price of Aptos has increased by up to 400% over the course of the last month, making it the cryptocurrency that has performed the best so far in January. The spike has gained the distinction of being Twitter’s most reviled cryptocurrency pump.
Experts Weigh In
The price of the token has been influenced by Asian traders, according to the opinions of experts who have spoken on the matter. Ran Neuner, a cryptocurrency expert, and influencer, argues that the manipulated nature of the APT trading volume on the South Korean exchange Upbit is a clear indicator that traders are manipulating the market.
According to data provided by Coingecko, the APT/KRW trading pair on Upbit is responsible for more than 73% of the total amount of trading activity involving the coin.
While the APT/USDT pair on Binance is staying at $327 million, the trading volume on Upbit has crossed $611 million. On the other hand, Upbit’s trade volume has topped $611 million. Crypto specialists have thus formed the opinion that trading activity should not be trusted.
However, the price of Aptos is difficult to forecast since there are currently no stable fundamentals supporting the currency, and the coin has an extremely limited quantity that is in circulation.
When investing in APT, traders should proceed with caution since its price may be subject to sudden and significant increases and decreases before it reaches its true worth.
Why APT Price is Surging?
The little amount of APT in circulation, coupled with the huge rate of trades, has led to extreme price swings, as noted by Neuner. After doing an on-chain analysis, he could identify the wallet address that got 128,627 APT from Binance when the price of Aptos was $7.82. When the price of APT increased to $17.72, the wallet’s owner moved 60,100 APT to cash out. As of Jan. 31, the wallet has $1.2 million worth of APT.
The same pattern of wallets sending APT to Binance and cashing out was seen. The analyst warned that there might be a slowdown in the APT price surge if selling pressure increases and more Aptos are stored in exchange wallets.