- More than 82 percent of Aptos (APT) coins, amounting to 861,393,064 units, have been staked by more than 4.1 million accounts.
- The Aptos network has recorded a sharp uptick in the number of daily active addresses in the past three months.
The huge hype on Aptos (APT) network earlier this year could be on its way back. After dropping as low as $5.36 in the first week of June, APT price has surged as much as 18 percent this week to trade above $6.87 on Tuesday. Although the APT coin is down more than 65 percent from its ATH, around $19.92, the project has received notable attention from the crypto industry due to its vibrant team of developers and investors.
Moreover, the proof-of-stake (PoS) layer 1 (L1) blockchain raised a whopping $200 million in a seed funding round led by the venture capital firm Andreessen Horowitz (a16z). Notably, the project had raised another $150 million in its series A funding round led by Sam Bankman-Fried’s FTX Ventures and Jump Crypto.
As a result, the Aptos network has a high record of staked coins amounting to more than 861 million APTs, or 82 percent of the circulating supply. Notably, the Aptos network has about 4.1 million accounts and 108 validators despite being in existence for less than a year.
Aptos (APT) Market Outlook
While the altcoin industry remained relatively calm in the past few days, Bitcoin edged higher fueled by increased whale interest. Moreover, the largest investment management firm with nearly $10 trillion in Assets Under Management (AUM) filed for a Bitcoin ETF to offer its institutional customers crypto exposure. Nonetheless, Aptos (APT) showed signs of reversal as depicted by increased on-chain activity.
According to market aggregate data from aptscan.ai, an analytics tool native to the Aptos chain, the number of daily active transactions jumped from 75,806 on March 1 to 162,071 on June 16. Essentially, an increase in daily active addresses is an indicator of heightened demand for the underlying technology.
While the price has been trapped in a falling trend, as characterized by lower highs and lower lows on the daily and weekly time frames, experts argue for a possible APT price reversal.
From a technical standpoint, APT price could rally nearly 38 percent if the asset breaks above a logarithmic falling trend on the daily time frame.
Worth noting, Aptos network had a total market valuation of about $7.1 billion and a 24-hour traded volume of approximately $65.2 million. Additionally, the Aptos network had a total value locked (TVL) of approximately $42.53 million.
Top DeFi projects using the Aptos network include Pancakeswap, Thala Labs, Liquidswap, Ditto, and Tortuga.
Bigger Picture
The adoption of smart contracts by the mainstream market is expected to take place in the coming years with the Aptos network well-positioned to attract key investors and customers. Nonetheless, the Aptos network will have to pass the regulatory approvals in different jurisdictions to compete at the same level as Ethereum, Solana, and Tron chains.
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