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The native blockchain token Aptos APT has been significantly outperforming the market lately. Binance exchange analyzed the factors that determined the dynamics of its price
On January 25, Binance Research analysts conducted an in-depth study of the driving factors behind the Aptos epic rally. APT is up 253% over the past two weeks, outperforming most cryptocurrencies.
Aptos Fundamentals Strengthen
In the past, Aptos has been repeatedly criticized by the crypto community for being centralized, having significant venture backing, and lacking transparent tokenomics. Among the early investors of the project were large exchanges, including Coinbase, Binance and FTX. Therefore, it is not surprising that many attribute the APT boom to whale price manipulation.
However, Binance Research believes that this is not the case at all. The company noted that Aptos co-founders Mo Shaikh and Avery Ching recently held an AMA session where they talked about upcoming developments. Shaikh and Chang announced an increase in community participation and events, including the AptosWorldTour, in addition to various conferences and developer meetups. This event coincided with a big move in the APT price that started the rally on January 9th.
NFT activity on the Aptos network has also started to grow, especially on the Topaz marketplace.
But that’s not all. On January 20, Binance launched a pair of liquidity pools for APT/BTC and APT/USDT, which helped drive the price of the token by 56%.
What happens to the APT price
Over the past 24 hours, the price of APT has increased by 46.8%, and this morning reached a new all-time high of $18.83.
Source: Trading View
But despite the impressive start, Aptos has yet to stand the test of time to see if the project was worth all the hype that accompanies it.
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