Key Points:

  • Traders speculate that Aptos, the most overhyped L1 blockchain of 2022, may have been selling a large number of tokens.

  • According to analysts, APT’s supply is still controlled by whales, despite criticism of the project’s dubious and uneven tokenomics since the mainnet’s launch.

The majority of cryptocurrencies have performed incredibly well over the past 30 days, with Aptos (APT) leading the pack. However, Aptos had a little retracement following a strong week.

Veteran cryptocurrency trader and investor LightCrypto (@lightcrypto on Twitter) made a concerning claim regarding the Aptos team’s potential for mass-selling of its token allotment, which he shared with his 172,000 followers.

Aptos dev team wallet has started feeding the Korean ducks, ~$20mm in spot sent to Binance in the last hour.$1b in inventory remains in the wallet.The tightly controlled supply has activated. pic.twitter.com/Ll75mTX0TQ

— light (@lightcrypto) January 28, 2023

According to the trader, the Aptos dev team wallet, which is linked to the Aptos blockchain, is sending massive amounts of APT tokens to the Binance market. Then, according to LightCrypto, Binance has already received $20 million APT, with $1 billion still remaining in the wallet.

The analyst suggests that it is very likely that the Korean retail sector took these APT tokens. The dynamics of Upbit‘s asset flow provide unequivocal proof of this. Additionally, he observed that the APT/USDT pair’s massive $400 million open interest is matched by “paper thin” spot order books.

A CIO at Selini Capital who specializes in blockchain technology has also issued a warning to investors not to start shorting the APT/USDT pair just yet.

APT another display of how Paleolithic the industry still is.Preppy VCs thought they were investing in promising L1 tech. Lolz.Pure PvP gambling that only ends with unlocks extracting all the Won from the Korean Squid Gamersp.s. short is overcrowded, dont play unless Pro. https://t.co/xaychpJgVw pic.twitter.com/JY1gjXDWiy

— Jordi Alexander (@gametheorizing) January 28, 2023

For early investors and essential contributors, November 2023 will serve as the official “unlock date.” APT’s supply is still controlled by whales, despite criticism of the project’s dubious and uneven tokenomics since the mainnet’s launch.

Aptos, based on its own programming language, was one of the Diem blockchain initiative’s spin-offs that was introduced in February 2022. The main technological innovation of blockchain scaling is its unconventional approach.

As of this writing, APT is trading at $18.4. This level has been on record for 4 days since it reached an ATH above $20.

APT price chart. Source: TradingView

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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