Aptos Token on Incredible 281% Rally, Skepticism Abounds
• Aptos token is consolidating around $13 after a 281% rally since the start of the month
• Crypto twitter community members are skeptical of the rally and think it may be powered by VC money
• Early investors and the Aptos Foundation have been allocated roughly half of the 1 billion tokens that can eventually be issued
The Aptos token has been on a remarkable rally over the past month, with the price rising 281% since the start of the month and over 70% of these gains coming in the last seven days. The token is currently consolidating around the $13 level, just to the north of the $14 mark, which was the record-high level it reached recently. The rally has been fueled by macro-optimism for easier monetary policy this year and next, as well as increased trading volumes on the Aptos-based NFT marketplace Topaz.
Despite the impressive gains, the crypto twitter community is skeptical of the rally, with many users believing that it is powered by VC money. Some members have speculated that the rally is driven by VCs moving their money away from Solana and into Aptos. Others have criticized the large amount of tokens allocated to insiders, suggesting that they could use this to cash out and decrease the value of the token.
Early investors and the Aptos Foundation have been allocated roughly half of the 1 billion tokens that can eventually be issued. This large allocation has caused some concern for investors, as it could lead to a large sell-off of tokens that could drive down the price.
Overall, the Aptos token has seen remarkable growth in the past month and is currently consolidating at the $13 level. However, many investors remain skeptical of the rally and are concerned about the large allocation of tokens to insiders. It remains to be seen whether the recent gains are sustainable or if the token’s price will drop in the near future.