According to data from CoinGecko, a crypto price aggregator, after its launch, Aptos token APT went down 40.5% on its first day of trading. The APT token, which was called a Solana-killer, now trading at $8.06 as of the 19th of October. It dropped more than a third of its value since the platform successfully went through the first trade at $13.73.
However, there are many disparities between numbers on different crypto data collectors, such as CoinGecko competitor CoinMarketCap, which records minor intraday losses so far of 3.5%. For example, CoinMarketCap captured the first trade at $8.55, which was 40% lower than CoinGecko’s starting value. However, Nomics records a price increase of over 100%, which is more than the data from the other platforms.
On Monday, Aptos launched its new layer-1 blockchain, but it failed to have a successful launch. On the launch of APT, there was opaque tokenomics, inconsistent communications due to frozen Discord, and a significantly lower transaction rate.
In this launch, Aptos also released tokenomics for the APT cryptocurrency, but it was on the high allocation of around 49%. Due to high allocation, Aptos faced a huge amount of criticism from several developers and private investors. Moreover, this launch also gave rise to quips that the network catered to venture capital.
Mo Shaikh, the co-founder of Aptos, assured through explanation on Twitter that hat the transaction is expected to increase once more applications go live on the blockchain. He also explained Discord’s freezing, as he said that they did so to protect the community against scams.
Previously, last night, Aptos also announced a reward of 20,000,000 APT tokens for more than 110,000 eligible users. Despite this reward, it could not able to increase its trading volume.