Traders did not understand why the APT rate collapsed by 92% on Binance

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On October 19, 2022, the sensational cryptocurrency Aptos (APT) began trading on the Binance exchange. At the very beginning, in the first seconds after the listing, the price of the asset soared from $1 to $100. However, then, those who purchased the digital currency at such a high cost, seriously regretted it.

Literally within a few minutes, quotes fell below $8. Thus, APT lost 92% of its peak value at once. Numerous traders in the discussions on Twitter could not name the reasons for such a rapid jump and were at a loss as to who bought APT at such a high cost. At the same time, no such major changes in the rate were recorded on other centralized exchanges.

As of 11:10 am Moscow time, the cryptocurrency was trading at $7.52, and users on social networks noted that they continue to expect a rise in value for a promising virtual currency. It was called the “Solana killer” by the developers of this blockchain protocol themselves.

For the past few days, this cryptocurrency has been the most discussed topic in the community. The Aptos network was launched on October 17 after several years of development. The startup team has raised around $350 million in two funding rounds led by Andreessen Horowitz (a16z), Multicoin Capital, Tiger Global, FTX Ventures, Paxos, Coinbase Ventures and other high-profile investors.

Nevertheless, there were those who criticized this project, noting that the creators did not publish a clear scheme of startup tokenomics before listing on the world’s leading exchanges. They also criticized the leaders of the marketplaces for the decision to add this asset to their services.

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