Solana-Rival Aptos is the Top Crypto in 24 hours

Paigambar Mohan Raj

Aptos (APT), created by Meta descendants, is the top-performing cryptocurrency among the top-100 projects. The Solana (SOL) rival has rallied by 40.2% in the last 24 hours. Moreover, the token is up by 53.4% in the 7-day chart and 57.8% in the 14-day chart.

Source: CoinGecko

The latest rally for the “Solana-killer” comes days before its next token unlock on Jan 12. Around 4.54 million APT coins are scheduled to be set free, worth a whopping $26 million at current rates. According to TokenUnlocks, 3.21 million APTs will be distributed to the general public. Meanwhile, 1.33 million will be donated to a blockchain foundation.

The unlocked tokens make up approximately 0.454% of APT’s entire 1 billion token supply. However, there are only 130 million Aptos tokens in circulation, and the new tokens will account for 3.46%.

The recent surge in the Solana rival’s price may be a way for Aptos’ market maker to soften the landing when the new tokens flood in. Therefore, there is a need for caution among investors and users.

PancakeSwap dominance on the Solana rival’s network surpasses 50%

According to the data on DefiLlama, PancakeSwap‘s dominance on the Aptos network has reached 59.26%.

Additionally, AUX Exchange saw a plummet in its TVL (total value locked), with a 45.03% plunge in 7 days. On the other hand, Tortuga liquid staking platform was the biggest gainer, with a 39.41% increase in 24 hours and a 54.11% increase over seven days. While AnimeSwap is the top gainer among dexes in the last 24 hours, with a 25.24% increase.

Source: DefiLlama

Although the recent spike in APT’s price has many excited, the rally might not last very long. Moreover, the larger economic picture is still quite gloomy. The US Federal Reserve has stated that it will continue to increase interest rates. The current inflation numbers are still a lot higher than the Fed’s intended target of 2%.

At press time, APT was trading at $5.76, down by 0.7% in the last hour.