Aptos price prediction remains mixed following a dramatic surge of over 10% in the last three days. Most of the uptrend was followed by launching a retroactive token airdrop.
To reward early network users, the Aptos Foundation launched a retroactive token airdrop overnight. According to a tweet from the foundation, 20.1 million APT tokens were distributed as airdrops late on October 19, accounting for 2% of the initial total supply of 1 billion APT.
1/ The Aptos Foundation has provided early network participants with APT tokens. If you are eligible to claim, you will receive an email from [email protected] in the next few hours.
— Aptos (@Aptos) October 18, 2022
These tokens were worth $200 million to $260 million based on the token’s market price immediately after the airdrop began.
Aptos Airdrop Drives Sharp Uptrend
APT tokens were distributed to early network participants by the Aptos Foundation. Users who “submitted an application for an Aptos Incentivized Testnet” and “minted an APTOS: ZERO testnet NFT” were eligible for the airdropped tokens, according to the blockchain firm. Furthermore, neither current nor secondary owners of NFTs were eligible; only the original minters were.
2/ Users who completed an application for an Aptos Incentivized Testnet /OR/ minted an APTOS:ZERO testnet NFT are eligible to claim Aptos tokens (the original user who minted the NFT is eligible, not the current owner).
— Aptos (@Aptos) October 18, 2022
Aptos revealed the details of the APT token distribution for the first time, making it clear how many tokens they would distribute to each of the project’s stakeholders. The airdrop followed this announcement. According to the team’s overview, the Aptos Foundation, investors, core contributors, and a community pool will each receive one billion tokens from the “initial total supply.”
Furthermore, every 110,235 eligible addresses are eligible for 150 APT. On several controlled exchanges, including FTX and Binance, the coin already has open spot trading markets and perpetual futures.
3/ In total, 20,076,150 APT tokens will be airdropped to 110,235 participants.
— Aptos (@Aptos) October 18, 2022
According to the Aptos Foundation, this is the first airdrop based on current community statistics. The Aptos Foundation will continue to look for new ways to assist the Aptos community. The foundation also stated that no further airdrops or giveaways of Aptos tokens were planned.
4/ There are no other airdrops or giveaways of Aptos tokens. Exercise extreme caution and only trust official sources and channels. Aptos tokens can only be claimed via the official Aptos Community page with information provided in your eligibility email.
— Aptos (@Aptos) October 18, 2022
The tweet warns users to be cautious and trust only official information and channels. Furthermore, users can only claim Aptos tokens by following the instructions in the eligibility email on the Aptos Community website.
Aptos Mainnet Launch
Aptos launched its mainnet on October 18 to much fanfare in the cryptocurrency community. Because of its stated throughput of 100,000 transactions per second, the blockchain has been dubbed a “Solana killer” as Solana can only handle around 60,000.
Is #Aptos the 'Solana Killer'?
— Altcoin Daily (@AltcoinDailyio) October 18, 2022
Despite the success of the Aptos mainnet launch, Aptos Labs was heavily criticized for how the team handled it. Many people chastised Aptos for failing to disclose its tokenomics prior to approving exchanges to begin trading.
Despite the criticism, Aptos continues to inspire a lot of enthusiasm. Even in the midst of the current “crypto winter,” the initiative has raised funds with ease. The company received a $150 million investment in July from renowned venture capital firms Andreessen Horowitz, FTX Ventures, and Jump Crypto. Aptos Labs was valued at $2 billion in its most recent round of funding.
Aptos Price Prediction – APT Slips 4% to $7
The Aptos team did not include any method for removing “airdrop hunters” or “Sybil users,” who interact with crypto projects solely to receive future airdrops. These hunters generate a large number of wallet addresses, each of which completes a single transaction on these projects in order to be eligible for any future retroactive airdrop from multiple accounts.
Exclusive: Aptos suddenly released an airdrop without strict anti-sybil attack, which led to some people getting a lot of airdrop tokens. Someone selling 189,567 APT directly on binance, resulting in the APT price from $15 to less than $13. pic.twitter.com/sE71UzRnSC
— Wu Blockchain (@WuBlockchain) October 19, 2022
When airdrop hunters receive tokens, they frequently sell them as soon as they receive them. As a result, the asset’s price falls. Since the beginning of trading, APT/USD has fallen by 4% to $7.
Aptos Price Chart – Source: Tradingview
The APT/USDT pair has encountered strong resistance at $7.70, and closing candles below this level may trigger a downtrend. On the downside, APT is supported by the 50-day moving average at $7.50, and a break below this could lead the coin to the next support area of $7.18.
The RSI indicates a buy signal, while the MACD indicates a bearish trend. Furthermore, the symmetrical triangle pattern on an hourly chart indicates investor indecision. Keep an eye on $7.65 for bearish trading below this level and vice versa.
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