Aptos Coin Ate a Disastrous Selloff! Analysts: Could be ICP 2.0!

After Aptos Blockchain and Aptos (APT) coin hit the market, it has occupied the agenda of the crypto market to a great extent. The lack of token economics on cryptocurrencies has caused criticism. Moreover, the price of the coin has dropped below the levels it recorded when it entered the market. Here are the details and comments…

Aptos coin price drop: Here’s what happened

It is argued that the team behind the layer-1 Blockchain network using the Move programming language did not spend enough time creating the appropriate tokenomics. After the sudden occurrence of an airdrop without a Sybil anti-hacking system, APT suddenly dropped the token from $15 to $13. That is, it faced tremendous selling pressure which led to the decline. Big sales orders started an active sales chain. This gradually pushed the price of the token to $7.

Sybil offensive containment is the basis for a random airdrop. They make it rough for a single user to create a large number of nicknames and earn more coins with it. Without proper enclosure, a user can create multiple accounts for an airdrop. He can then sell them on the market: as with APT. While users sell their assets quickly in a single process; The lack of containment and proper planning resulted in a catastrophic increase in sales pressure.

Exchanges did not act according to the wishes of the Aptos team

Another issue that Aptos has come up with is that the exchanges act against the will of the team. At least, that’s the case according to China-based blockchain journalist Wu Blockchain. Koindeks.com As we reported, against the wishes of the Aptos team, exchanges such as Binance and FTX will list a permanent futures contract. OKX has joined Binance with a similar offer to be published on the same date. These contracts make both long and short positions possible.

Aptos in March; Tiger Global has secured $200 million in a 16z-led financing type with participation from Katie Haun, Multicoin Capital, FTX Ventures, Coinbase Ventures, Binance Labs and PayPal Ventures. He set the valuation of this type of company at $2 billion.

The new Internet Computer 2.0 thing?

Some in the crypto community claim that Aptos will follow in the footsteps of other VC-powered projects. Unfortunately, more than one of these projects is in decline. The most appropriate example of this lately is Internet Computer (ICP). In May 2021, Switzerland-based The DFINITY Foundation launched Internet Computer (ICP), which ranked fourth in the market capitalization rankings just four days after launch.

Despite its sudden and impactful start, the project has been running since 2016. At the top, the ICP was priced at $700 with a market cap of $18.5 billion. The ambition of the platform was to expand internet functionality by eliminating centralized servers and traditional cloud services. Instead, applications would run without a fixed address through the Blockchain infrastructure of independent information centers.

The project was supported by major VC firms including Polychain Capital, Andreessen Horowitz (a16z,) CoinFund, Multicoin Capital and Greycroft Partners. In a private sale in August 2018, less than 5 percent of the primary supply was sold for $4. After its peak in May 2021, it is likely that those who bought coins at a cheap price in this particular sale sold out. ICP is currently priced at $4.94, down 99.3 percent from its all-time high.

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