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People Buy the Wrong APT Token Before Aptos Listing, Apricot Finance Soars 70%

Summary:
Aptos, the so-called “Solana Killer,” has been the most heavily discussed topic in the past couple of days. The protocol had previously vouched for being able to handle up to 160,000 transactions per second (TPS), and its native cryptocurrency, APT, is about to hit major exchanges in hours. Now, traders are flocking to the market, but it’s the wrong one. The price of the native cryptocurrency of Apricot Finance (APT) has soared by a whopping 70% today in an otherwise uneventful market. Source: CoinMarketCap A closer look into this particular cryptocurrency reveals that it’s been what many refer to as a “slow rug-pull.” This is a situation where private investors slowly but steadily bleed out the price of a token over the course of a few months, and it surely tumbles with

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Aptos, the so-called “Solana Killer,” has been the most heavily discussed topic in the past couple of days. The protocol had previously vouched for being able to handle up to 160,000 transactions per second (TPS), and its native cryptocurrency, APT, is about to hit major exchanges in hours.

Now, traders are flocking to the market, but it’s the wrong one.

  • The price of the native cryptocurrency of Apricot Finance (APT) has soared by a whopping 70% today in an otherwise uneventful market.
apricot_finance_price_chart
Source: CoinMarketCap
  • A closer look into this particular cryptocurrency reveals that it’s been what many refer to as a “slow rug-pull.” This is a situation where private investors slowly but steadily bleed out the price of a token over the course of a few months, and it surely tumbles with little to no liquidity at all.
  • In the past 24 hours, however, the token’s volume is up over 3000% and its price – by a whopping 70%. So what happened to Apricot Finance to warrant such an increase?
  • Well, nothing in particular. The reason for this increase seems to be the absolutely non-related launch of the Aptos mainnet and the subsequent listing of its native cryptocurrency on major exchanges such as FTX, Binance, and Coinbase.
  • What’s interesting is that the native coin of Aptos carries the same ticker as that of Apricot Finance – they’re both APT tokens.
  • It’s entirely possible that some users have bought the wrong token because they didn’t do their research and for the current price action to be a pump caused by those who anticipated such confusion.

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