Aptos Token Plunges in Trading Debut
FTX, Coinbase and Binance were among the first exchanges to list the buzzy new layer 1 token.
Oct 19, 2022 at 5:05 a.m. UTCNewcomer cryptocurrency aptos plunged in value early Wednesday in its debut on major exchanges as traders welcomed APT into crypto winter.
The hotly anticipated layer 1 blockchain's token was listed in the $9 range – down over 30% – on CoinGecko within its first hour of trading.
Hours into its first day of trading it declined further, down 46% by 12:50 p.m. Hong Kong Time, to $7.37
Coinbase, Huobi, OKX, FTX and Binance opened spot trading for APT at 1:00 UTC Wednesday.
The trading came as Aptos scrambled to control the narrative around its token's rocky rollout. Founder Mo Shaikh had spent part of Tuesday defending the network's controversial tokenomics and allegations about its processing speeds from critics on Crypto Twitter.
Still, the confusion continued into early trading hours as Aptos' discord was flooded by a mix of scammers and community members unable to redeem their token airdrops. The wave grew so bad that an Aptos moderator muted the channel for the second time this week.
Tokens of lending application Apricot Finance, which initially had the same APT ticker as Aptos, also declined because of name confusion. The token is down 47% in the last 24 hours on surging trading volume. CoinGecko now lists Apricot's token as APRT.
UPDATE (Oct. 19, 2022 04:50 AM UTC) – Updates price data throughout.
DISCLOSURE
Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
:format(webp)/s3.amazonaws.com/arc-authors/coindesk/fa5ce9a3-9c4d-4ed4-bb04-c7af51bf1a0d.jpg)
Danny is CoinDesk's Managing Editor for Data & Tokens. He owns BTC, ETH and SOL.
:format(webp)/s3.amazonaws.com/arc-authors/coindesk/7c0b0bd4-6cb4-4d93-8bc4-1db61149c9d1.png)
Learn more about Consensus 2024, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.