Aptos’ Native Cryptocurrency APT Sees Surge in Demand
Since the second week of October, there has been a significant increase in demand for Aptos’ native cryptocurrency APT. This surge in interest has led to a substantial growth in Total Value Locked (TVL).
On Thursday, October 26th, Aptos achieved its highest-ever TVL value of $74 million.
TVL is an important metric for decentralized finance (DeFi) platforms as it represents the total value of assets locked within the platform’s smart contracts.
Aptos TVL. Source: DefiLlama
Aptos Surges Amidst Rising Investor Confidence
The increasing demand for APT demonstrates growing investor confidence and interest in the platform’s utility. This indicates an expanded user base or enhanced use case scenarios within the Aptos ecosystem.
Currently, APT is trading at $6.69, with a 4.5% increase in the last 24 hours and a notable 31.5% increase in the last seven days.
This rally can be attributed to Aptos’ position as a proof-of-stake blockchain that facilitates quicker and less expensive transactions on its network. It is often associated with decentralized Web3 applications, particularly in the domain of non-fungible tokens (NFTs).
1/ 🎉 Aptos Community, we’re celebrating #AptosOne in style! Introducing Graffio: a unique canvas where YOUR art shapes a special commemorative NFT.
Dive in and be a part of Aptos history! 🎨🌐 pic.twitter.com/pKAaQtwhi3
— Aptos (@Aptos_Network) October 18, 2023
AptosOne recently launched Graffio, an NFT-based art display platform that simplifies NFT art creation and offers waived gas fees for social media logins and the creation of an exclusive Graffio wallet.
APT Price On Bullish Run With 24% Gain
The announcement of Graffio led to a surge in Aptos (APT) price, with a nearly 24% increase from $4.88 to $6.03 between October 20 and 23. Experts predict a bullish trend continuing to $7.20 by the end of next month.
The current value of APT at $6.69 reflects a climb of 36% since mid-October, indicating a robust upward trend.
As Aptos achieves its all-time high TVL and advances in NFT technology, there is significant optimism for sustained growth and increased interest in APT. Despite concerns about market retraction, the record-breaking TVL and the rise in APT’s value suggest that Aptos and its native token are well-positioned to weather potential market fluctuations and maintain their upward trajectory.
Hot Take: Aptos Sees Surge in Demand for Native Cryptocurrency APT
Aptos has experienced a surge in demand for its native cryptocurrency APT, leading to significant growth in Total Value Locked (TVL). This increase in interest demonstrates growing investor confidence and interest in the platform’s utility. Additionally, Aptos’ advancements in NFT technology, such as the launch of Graffio, have further fueled optimism and potential for sustained growth. Despite concerns about market retraction, the record-breaking TVL and the rise in APT’s value suggest that Aptos is well-positioned to weather potential market fluctuations and maintain its upward trajectory. With its unique position as a proof-of-stake blockchain and focus on decentralized applications, Aptos continues to attract attention and solidify its presence in the crypto space.
By
By
By