One of the best performing cryptocurrencies yet again today, Aptos (apt 11.46%), continued its feverish search for major short-term highs. As of 1:30 PM ET, this tier 1 blockchain project has seen its APT token soar 7.3% over the past 24 hours. This brings the token’s two-day gains to over 50%, far surpassing those of most of the top 100 tokens in that time period.
Much of this move appears to be related to excitement over the ability of this relatively new blockchain network to process transactions at the fastest pace in the cryptocurrency industry. For cryptocurrencies to go mainstream, it will be important for long-term investors to see results like this.
Interestingly, development appears to be picking up on Aptos, with an automated market maker Exchange of pancakes tapping Aptos for a key deployment. In particular, one proposal that seems very likely to pass (99% of token holders vote for it) aims to build on this Aptos implementation.
Aptos is intriguing. Founded by the original team behind the Diem project, Aptos is a new purpose-built blockchain that is striving to become one of the fastest and most secure blockchains in the world. The fact that automated market maker PancakeSwap has shown so much interest in Aptos has prompted many in the crypto community to take a closer look.
Personally, I want to look into this further considering its strong price action as of late.
As most investors know, a few days of upward price movement don’t make a rally. Aptos is still down about 45% from its peak late last year following its launch. As a result, while this project is new and exciting, it is also likely that not enough price discovery has been made with respect to its token.
Therefore, I think this token is definitely worth a watchlist. The team behind Aptos is noteworthy, and some high-profile crypto advocates have turned this project from an idea into reality. Unfortunately, Sam Bankman-Fried was also involved in the initial funding of this project, which may cast some shade on it.
Right now, I think the best course of action with Aptos is to see if this rally is sustainable. So far, it appears that most of the volume remains bullish on this token in the near term. However, we have seen many short-term rallies explode over the past year. At these levels, it seems that Aptos can really go both ways. It’s a tough call.
Chris MacDonald has no position in any of the stocks mentioned. The Motley Fool has no position in any of the titles mentioned. The Motley Fool has a disclosure policy.