- Aptos processed 115.4 million transactions, surpassing Solana and setting a new daily record.
- The launch of the "tap-to-earn" game TaposCat likely contributed to the transaction surge.
- Despite the high volume, Aptos remained stable and reached a new TPS high of 32,000 transactions per second.
- Aptos is currently in an upward trading trend, with a potential price target of $14.3 if it breaks above the $9.33 resistance level.
- There may not be a direct correlation between the transaction surge and Aptos' future price trajectory, even though the price is expected to rise.
Aptos Blockchain Surges in Transaction Count
This week, the Aptos blockchain has captivated the crypto market, surpassing major competitors like Solana and SUI in transaction volume. Over the weekend of May 25, Aptos outpaced Solana by an impressive 115.4 million transactions. This remarkable increase in activity also broke the previous record held by SUI, exceeding it by more than 50%.
Record-Breaking Performance
Data from Aptoscan highlights that the blockchain's "transactions per second" (TPS) rate reached an unprecedented peak of 32,000 on the same day. This surge in trading activity is partly attributed to the launch of TaposCat, a new tap-to-earn game on the Aptos blockchain inspired by Telegram's Notcoin. Yahoo Finance reported that within the first day of TaposCat's launch on the mainnet, the Aptos network processed an astounding 10 million transactions, significantly contributing to the heightened activity on the platform.
Stability and Efficiency Amid High Activity
Despite the surge in transactions, Aptos demonstrated remarkable stability and scalability. The network's gas fees remained constant, likely due to its Aggregator feature, which enables the simultaneous processing of multiple transactions. According to Aptos Labs, the network maintains an average processing rate of around 1,000 transactions per second, comparable to Cardano's speed.
Potential for Price Rally
Aptos has been performing well across various timeframes, according to CoinMarketCap data. At the time of writing, the cryptocurrency is trading at $9.33, a crucial price level. The current price is supported by an ascending trendline, indicating that bulls are in control, as confirmed by the Relative Strength Index (RSI) outlook.
In early April, Aptos experienced a sharp decline from $14.3, dropping by approximately 50% between April 9 and April 14. Since mid-April, the cryptocurrency has been making a recovery attempt and is poised to reclaim the $14.3 price level if it can break through the $9.33 resistance.
Watch for Breakout Signals
Traders should monitor the $9.33 price level closely, as a break above this resistance could signal a further rally. As always, investors are advised to conduct thorough research and consider the volatility of cryptocurrencies before making financial decisions.
Disclaimer
Voice of Crypto strives to provide accurate and up-to-date information but will not be held responsible for any missing facts or inaccuracies. Cryptocurrencies are highly volatile financial assets, and individuals should conduct their own research and make informed financial decisions.
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