Assessing Aptos’ State Amidst Ongoing APT “Pump & Dump”

Two days after Aptos listing on leading exchanges saw more than $4 million bridged from Ethereum to Aptos. A blockchain analytic site Nansen confirmed this narrative via an October 21 Twitter post. Meanwhile, Aptos introduced the Layer0 network to its blockchain amidst efforts to ensure the accessibility of scalable Dapps (decentralized applications).

The LayerZero protocol presents an infrastructure that aids APT bridging with other chains. Surprisingly, it added extra obligations to ensure quick transfer between the chains and APT. LayerZero Labs revealed that APT could bridge with multiple projects, including Ethereum Circle (USDC), Tether (USDT), and Polygon (MATIC).

Who’s Responsible

Nansen revealed that the ETH bridging saw USDC leading as far as transactions are concerned. While writing this blog, this stablecoin accounted for about $3.4M of the total, translating to 83%. Moreover, USDT recorded $404,000, whereas smart contracts-based WETH (Wrapped Ethereum) bridge $282,000.

Despite the landmark, APT is yet to exit the pump & dump mode, activated since airdrop distribution. Coinmarketcap data shows APT lost about 31.38% of trading volume over the past day. Nevertheless, the token gained 3.34% in that timeframe to change hands near $7.49. considering its current state, investors might expect less as far as APT price stability is concerned.

One would expect APT to flourish on-chain due to the interaction with multiple chains and the mentioned milestone. Nevertheless, the opposite was the case. Santiment revealed that APT’s developments saw a massive plunge to 0.61 from 8.55. That might further justify the debate about not satisfying investor expectations.

On the Other Hand,

Aptos noted an increase in social volume and dominance, especially the trading day it recorded a staggering 600% price uptick. Nevertheless, the community concentration appeared to switch from APT. While publishing this blog, APT had its social dominance at 0.224%, according to Santiment data. Hence, the market retained less FUD while APT’s long bullish run chances dwindled.

Moreover, the case wasn’t much different on the social volume. The reading at 7 shows few investors interested in the alt. Compared with the impressive surge on October 21, the ongoing social volume index remained an eyesore.

Aptos investors could have anticipated significant improvements in transactions per second. While writing these lines, Aptos Explorer indicated that the TPS (transaction per second) stood at 11.79. Moreover, Aptos’ overall transactions didn’t notably increase. Meanwhile, investors could need a broad network surge to build confidence in APT near-term performance.

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