APT token rate soars by 10 000% after the opening of trading on Binance

The price of the asset paired with the USDT stablecoin rose from $1 to $100 in the first minutes after the listing

19.10.2022 - 08:15

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What’s new? The price of the token of the Aptos (APT) blockchain platform has jumped by 10 000% immediately after trading opened on the Binance crypto exchange. Paired with the Tether (USDT) stablecoin, the value of the asset increased from $1 to $100, but dropped to the $7-8 level shortly afterward. As of October 19, 08:30 UTC, APT is trading at $7,59. Aptos mainnet was launched on October 18.

APT chart on Binance

What is known about the project? In 2019, Meta began working on its own blockchain project, Diem (formerly Libra). As a result of pressure from government regulators, the company decided to sell the project in February 2022.

However, the team of former Diem developers used old practices to create the Aptos network. The team claims that the network processes 130 000 transactions per second, compared to 30 transactions per second on Ethereum.

In March and July, Aptos raised a total of $350 million from major venture capital funds: FTX Ventures, Jump Crypto, Griffin Gaming Partners, Circle Ventures, a16z, Tiger Global, and Multicoin Capital. As one of the investors, the FTX crypto exchange already announced the listing of APT.

In September, the Luna Classic (LUNC) token rose in price by 50%. This came after Binance announced the burning of all LUNC coins received as transaction fees. Starting from October 3, the burning of coins takes place every Monday at 00:00 UTC.

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