Aptos Token Drops 40% Following Airdrop for ‘Early Participants’


Aptos‘ price has dropped more than 40% in only one day, as investors remain apprehensive about the network’s highly anticipated mainnet rollout.

According to statistics from crypto price aggregator CoinGecko, the newly created Aptos token (APT) is down 40.5% on its first day of trade.

The native token for the so-called “Solana-killer” is now worth $8.06, having lost more than a third of its value since the platform caught the initial deal at $13.73.

There are already significant differences between numbers on various aggregators. CoinMarketCap, for example, has suffered tiny intraday losses of 3.5% thus far.

The explanation for the large disparity is simple: CoinMarketCap caught the initial deal for $8.55, which is over 40% less than CoinGecko’s beginning value.

Nomics, on the other hand, experiences a price increase of more than 100%.


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Aptos: A shaky start

This new layer-1 blockchain went live on Monday, however it was heavily lambasted for its opaque tokenomics, inconsistency in communication (the Discord server momentarily went down), and substantially lower transaction throughput than promised.

Aptos ultimately released tokenomics for the APT cryptocurrency, but the announcement drew even more criticism for the large allocation (49%) to developers and private investors, prompting jokes that the network catered to venture money.

Mo Shaikh, co-founder of Aptos, said on Twitter yesterday that transaction throughput is projected to improve as more apps go live on the blockchain. He also stated that the team muted Discord for a few hours on launch day in order to safeguard the community from scammers.

Aptos also launched a 20,000,000 APT token airdrop last night, with around 110,000 individuals eligible. “The Aptos Foundation has distributed APT tokens to early network members. If you qualify, you will get an email from [email protected] within the following few hours “The initiative was tweeted about.

Aptos Incentivized Testnet participants and those that minted the APTOS:ZERO testnet NFT will receive up to 150 APT tokens.

And, based on the timing, it appears that at least a few of them ditched their newly-earned tokens as soon as they arrived.