APT Soars to $100 and Drops Below $8 Hours After Listing on Binance

Aptos, a protocol touted by its founders as the “Solana Killer,” quickly became one of the hottest stories in crypto following its mainnet launch and subsequent listing on multiple top-tier exchanges.

These include, but are not limited to, Binance, FTX, and Coinbase. As it’s almost always the case with highly anticipated listings on Binance, the cryptocurrency skyrocketed in the first minute, only to tumble right after that.

• As CryptoPotato reported yesterday, Aptos launched on mainnet on October 17th after four years of development.
• Back in March, the team raised a whopping $200 million in a funding round led by a16z. Other participants included crypto VC heavyweights like Multicoin Capital, Hashed Tiger Global, FTX Ventures, Paxos, Coinbase Ventures, and others.
• The reception for the protocol hasn’t been very positive, though, as many pointed out that the team hasn’t even published a tokenomics scheme before getting listed.
• The exchanges that opted to list APT for trading also received heavy criticism.
• On Binance, which was one of the major exchanges to list APT, the cryptocurrency soared to $100 seconds after the market opened.

• The chart above represents a very typical way of how the price action develops for newly-listed coins, and APT was no exception.
• The cryptocurrency soared to a whopping $100 and then retraced to where it’s currently trading at slightly below $8, while the volume has been waning ever since the first few minutes when the market opened.