$APT PLUNGES AFTER MARCH HIGH!!!
APT is feeling the heat after a few months of rollercoaster volatility. VanEck data shows that APT prices have plunged 52% since their March highs. Remember that crazy 44% surge in March? Yeah, those good times seem like a distant memory now.
Worse, VanEck also reports that Aptos lost the most on-chain revenue (transactions and fees) in the past month compared to any other major blockchain (except Ethereum).
So, what happened? There is no single answer, but there are probably a few things at play:
Market volatility: The entire cryptocurrency market has been tough lately, and Aptos, as a new player, may be feeling the sting a little more strongly.
Hype vs. reality: Perhaps the March surge was a little overblown, and now reality is setting in. Aptos still has a lot to prove in terms of adoption and utility.
Less on-chain activity: The drop in on-chain fees suggests that fewer people are using Aptos compared to other blockchains. DefiLlama data supports this, showing that out of a total of 33 protocols on Aptos, only 3 protocols generated negligible fees, only $162,000
