Even though the crypto industry started with just one asset, it soon went on to welcome thousands of cryptocurrencies. Most of these assets entered the market with the hopes of being better than the other. While Solana [SOL] emerged as an “Ethereum killer,” newly launched Aptos token [APT] was introduced as a “Solana killer.” While the fervor around this asset was quite high during its launch, it sadly did not persist.
As seen on CoinGecko, the price of APT dropped from a high of $13.73 earlier today to a low of $6.73. At press time, the Aptos token was trading for $7.62 with a 44.6 percent drop over the last 24 hours.
The trading volume of APT was at $930,481,159 while its market cap remained at $1,017,457,261.
Following this, a plethora of tweets regarding the disastrous downfall of Aptos began surfacing.
Here’s why Aptos spiraled downwards
Aptos caught the attention of the entire market following its listing on the prominent crypto exchange, Binance. However, due to the network’s failure in formulating pertinent tokenomics, APT encountered a flash crash. Following the airdrop, the network witnessed increased selling pressure that pushed the price of the token down below $10.
It was brought to light that an individual was trying to get rid of over 189,567 APT on Binance. This further prompted the price to dip down to $13 from $15.
The Aptos network carried out the airdrop without setting up an anti-Sybil attack system. This system is quite important in airdrops as it negates the creation of several pseudonymous identities.
Earlier today, during its launch, the Aptos network wrote,
“This is step one in a long journey to create universal and fair access to decentralized applications for billions of people through a safe, scalable, and upgradable blockchain.”
In addition to this, the network went on to label its launch a “movement aimed to bring the masses to Web3.” Things, however, have clearly taken a whole different turn.