Elon Musk Tweet Spurs 7% Aptos Price Surge
APT quickly retraced the entire move after Musk deleted a tweet saying, "AI APT OTT!"
Apr 14, 2023 at 1:17 p.m. UTC:format(webp)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/MEOLGAR2DNFHTH6JOZMA2SVYU4.png)
APT price movement (Cryptowatch)
"APT," in this context, however, was an acronym for Advanced Persistent Threats, not the aptos token, and APT retraced the entire move higher after Musk deleted the tweet one hour later.
This is not the first time Elon Musk or companies he's associated with have moved crypto markets. Only days ago, Twitter changed its logo from the blue bird to the Shina Inu dog that represents dogecoin, sending that meme coin surging as much as 35%. The logo has since been switched back.
Even with the retracement, aptos, which is the native token of the Aptos blockchain, remains up by 8.2% over the past 24-hours alongside gains for much of the altcoin market following Ethereum's successful Shanghai upgrade.
APT has now rallied by more than 89% since its debut in October 2022.
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Oliver Knight is a CoinDesk reporter based between London and Lisbon. He does not own any crypto.
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