In the world of crypto, altcoins have been making waves in recent months, with many traders and investors eager to take advantage of the lucrative opportunities that these coins offer. One of the most talked-about altcoins in recent months is Aptos.
The coin that has been the subject of intense speculation and controversy. A closer look at APT could she some light into why it has been referred to as the “most hated pump in crypto.”
APT Price Pump: A Controversial Phenomenon
According to crypto industry leader Ran Neuner, Aptos has been manipulated by Asian traders. He highlights that the high trading volumes in Upbit may be a clear sign. This is happening at a time when the Aptos Foundation prepares to host its first global hackathon in Seoul on Feb. 1.
Data from Coingecko shows that the APT/KRW trading pair in Upbit accounts for more than 73% of all the trading volume for the token. While in this crypto exchange APT trading volume surpassed $600 million over the past 24 hours, in other exchanges like Binance, trading volume for the APT/USDT pair hovers around $300 million.
Despite what could be dubious trading activity, some traders and analysts believe that Aptos has the potential to offer long-term value to investors. If viewed from a technical point of view, APT appears to have legs towards higher highs. Its low circulating supply, with high trading volume and daily token unlocks could create the perfect combination for high volatility, suggested Neuner.
Source: Token Unlocks
Still, the price of Aptos is difficult to determine as there are no solid fundamentals yet behind the coin, and its has a very low circulating supply. Traders should be cautious when investing in APT, as the it could experience huge spikes and drops in value before reaching its fair value.
Is the Aptos Team Feeding Into the Pump?
Another interesting aspect of Aptos is the behavior of its development team. According to reports, the Aptos team’s dev wallet has been “feeding the Korean ducks” $20 million in spot sent to Binance nearly every time there’s a pump.
This has occurred in the past during the weekends, when the price was rallying.
While Aptos has the potential to offer lucrative opportunities to investors, it is important to be cautious when investing in this coin. Its manipulation and volatile price make it a risky investment, and traders should be aware of the behavior of the development team.
As always, traders should only invest what they can afford to lose and should not rely solely on their investment to support themselves financially.