Share this article
Layer 1 Blockchain Aptos Token Reaches All-Time High
APT has been surging since the start of the year, but some traders expect the rally to be short-lived.
Updated Jan 27, 2023, 5:01 p.m. Published Jan 25, 2023, 6:38 p.m.
Make us preferred on Google
Layer 1 blockchain Aptos’ token, which has been surging since the start of the year, broke an all-time high on Wednesday. The token, APT, reached $16.46 and is up 350% since Jan. 1, according to CoinDesk data.
APT was more recently changing hands at $16.22, a more than 25% gain over the past 24 hours.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
The token’s rally has outsized recent moves from the two largest cryptocurrencies by market cap, bitcoin and ether. Bitcoin is up 30% in 2023, while ether has gained 34%.
The funding rates for the token are still negative, however, suggesting traders are expecting the rally to be short-lived.
“If traders are willing to open short positions with highly negative funding rates, they must have belief the token will decline,” Christopher Newhouse, a crypto derivatives trader at crypto market maker GSR, said. “Despite the surge, this suggests shorts think the rally may have gone too far.”
Aptos was founded by two Ex-Meta Platforms employees and has garnered some scrutiny over its APT token distribution since launching mainnet in October. Investors and the Aptos Foundation received almost half the one billion tokens issued.
As CoinDesk reported earlier in the week, non-fungible token markets on Aptos could have contributed to the growth. Data from Aptos NFT marketplace Topaz shows collections such as Aptomingos and Aptos Monkeys attracted tens of thousands in trading volume on Monday. Trading volume for Aptomingos is up 250% over the last 24 hours, according to Topaz.
More For You
Pudgy Penguins is building a multi-vertical consumer IP platform — combining phygital products, games, NFTs and PENGU to monetize culture at scale.
What to know:
Pudgy Penguins is emerging as one of the strongest NFT-native brands of this cycle, shifting from speculative “digital luxury goods” into a multi-vertical consumer IP platform. Its strategy is to acquire users through mainstream channels first; toys, retail partnerships and viral media, then onboard them into Web3 through games, NFTs and the PENGU token.
The ecosystem now spans phygital products (> $13M retail sales and >1M units sold), games and experiences (Pudgy Party surpassed 500k downloads in two weeks), and a widely distributed token (airdropped to 6M+ wallets). While the market is currently pricing Pudgy at a premium relative to traditional IP peers, sustained success depends on execution across retail expansion, gaming adoption and deeper token utility.
More For You
Anthony Scaramucci-linked AVAX One tumbles 32% on uncertainty around shareholder sales
The firm, which holds AVAX tokens and related Avalanche ecosystem assets, registered roughly 74 million shares held by insiders.
What to know:
- Shares of AVAX One, a digital asset treasury firm advised by Anthony Scaramucci, fell more than 30% after the company filed to register up to nearly 74 million shares held by insiders as available for sale.
- The registration, which enables early investors to resell previously restricted stock, stoked fears of dilution.
- AVAX One's move reflects broader pressures on crypto-native public firms whose stocks trade at steep discounts to the value of their token holdings, though it remains unclear if or when the registered shares will be sold.
Top Stories
