The launch of the APTOS (APT) token is the latest monumental airdrop failure in the crypto industry. Aptos, a modular public chain project, officially launched its mainnet, intending to build the safest and most scalable Layer 1 blockchain.
On October 18, Aptos proposed an airdrop in which users who completed the Aptos Incentive Test Network application or minted the APTOS:ZERO Test Network NFT could apply for APT tokens. The plan was to airdrop a total of 20,076,150 APTs to 110,235 participants.
Sadly, after Binance went live yesterday, the APT token had a massive sell-off, tumbling the price from $1 to $59 and back to $6 within minutes, according to the exchange’s market chart.
APT/BUSD Price via TradingView
X-explore, a Chinese analytic firm, conducted an in-depth analysis to understand the situation. It found that 65% of all APTOS deposited to Binance came from Sybil addresses, with 28,000 users accumulating 16.3 million APT tokens. Additionally, seven wallets held significantly more coins over 50,000 APT each.
The research firm concluded that the marketing of Aptos’ airdrop activity was too hasty, with its release time set before the launch of mainstream exchanges without witch-screening precautions. The sell orders of the bad actors arguably profited them with $50 million, plummeting the coin’s price shortly after takeoff.
Nonetheless, APT trades at $7.12, with a 2.2% increase in the last 24 hours. In March this year, APTOS received two rounds of financing totaling $350 million from a16z, FTX Ventures, Jump Crypto, Multicoin Capital, Three Arrows Capital, and Binance Labs. Furthermore, the layer one public chain project was an initiative of the former Facebook/Libra team members. Currently, there are more than 200 projects in the Aptos ecosystem.
The post How APT Token Airdrop Failed, Suffering Massive Sell-Off to $6 appeared first on Coin Edition.
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Source: Cryptocurrency - investing.com
