"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.
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.