As a result of short squeezes, Aptos (APT) has surged more than 30 percent after having an ordinary start in the first week of launch. The past 24 hours have proved ideal for Aptos (APT) as the data from CoinGecko suggests a sudden rise of 30 percent. It is a piece of quite welcoming news for APT investors because its price was slightly coming down after Aptos got listed by major crypto exchanges like Binance, Coinbase and OKX.
Short Squeezes Pull-Up Aptos (APT) Price
The sudden hike in Aptos (APT) price is mainly due to short squeezes – a phenomenon in trading in which traders liquidate early. On most of the crypto exchanges, funding rates were negative for the last 5 days. The short squeezes gradually pulled up the price and now it is in demand once again.
According to analysts, the negative funding was caused by expansive hedging after Aptos (APT) received a cold welcome from investors. Furthermore, the launch of perpetual swaps on major exchanges increased the ability of investors to acquire a short exposure for APT.
According to blockchain experts, Aptos (APT) hasn’t had an ideal entry into the market as it has performed contrary to the expectations of traders. As Blockchainreporter reported, Aptos (APT) was listed on all major exchanges on the very first day its mainnet went live. Despite this boost, its price didn’t surge because of a lack of interest from whales which proved an anchor for it.
Will Aptos Prove Itself As A Solana Killer?
Aptos, which is considered a Solana killer, was launched on the 17th of October. It originates from the blockchain project of Facebook named ‘Libra’. For the last 6 days, the Layer-1 blockchain has remained all over the news resulting in great hype. On the hand, it has been on the radar of critics as well mainly because its tokenomics were released just a few hours before it went live on the 17th. Still, critics have labelled tokenomics as vague and opaque.
With the listing of Aptos (APT) on centralized exchanges, a gradual 30% increase in its price, and the support from web 3 firm Ankr as its first RPC provider, the path for Aptos is already paved to compete with Solana. It is now practically possible for developers to create and launch their decentralized applications (dApps). Aptos will provide them with a secure, scalable and upgradable environment. With the addition of Aptos to the list, Ankr has become an RPC (Remote Procedure Call) provider for 19 blockchains including Ethereum and Solana.
Aptos uses an innovative programming language named ‘Move’ based on which it claims to provide a faster and more scalable venue. Being a new and advanced developer language, Move has resolved most of the conventional issues like security and scalability. Together, Ankr and Aptos are developing next-generation web3 infrastructure. The interesting point is that although Aptos is claiming to compete with Solana however both Solana and Aptos are using the RPC services of Ankr.
