Newcomer 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 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 12:50PM 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 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 on name confusion. The token is down 47% in the last 24 hours on surging trading volume. CoinGecko now lists Apricot's token as APRT.


All writers’ opinions are their own and do not constitute financial advice in any way whatsoever. Nothing published by CoinDesk constitutes an investment recommendation, nor should any data or Content published by CoinDesk be relied upon for any investment activities. CoinDesk strongly recommends that you perform your own independent research and/or speak with a qualified investment professional before making any financial decisions.

Join Telegram

Recommended content


Recommended Content

Editors’ Picks

Chainlink social dominance hits six-month peak as LINK extends gains

Chainlink social dominance hits six-month peak as LINK extends gains

Chainlink social dominance surged to a six-month peak on Friday as LINK holders increased their activity. LINK traders started taking profits, on-chain data trackers show. LINK price added 6% on Friday, extending its gains from mid-week.

More Chainlink News

Binance helps Taiwan crack a virtual asset money laundering case, BNB sustains above $570

Binance helps Taiwan crack a virtual asset money laundering case, BNB sustains above $570

Binance’s Financial Crimes Compliance (FCC) department joined forces with Taiwan’s Ministry of Justice and helped resolve a case of money laundering worth NT$200 million, or $6.2 million. 

More Binance News

Bitcoin Weekly Forecast: Is BTC out of the woods? Premium

Bitcoin Weekly Forecast: Is BTC out of the woods?

Bitcoin price shows signs of continuing its uptrend, providing a buying opportunity between $64,580 to $63,095. On-chain metrics forecast a bullish outlook for BTC ahead. If BTC clears $70,000, the chances of resuming the uptrend would skyrocket.

More Bitcoin News

XRP trades steady at $0.50 as Ripple shares plan to expand services in Africa

XRP trades steady at $0.50 as Ripple shares plan to expand services in Africa

Ripple hovers close to $0.51 on Friday, above the psychologically important $0.50 level, as traders await the court ruling of the lawsuit against the US Securities and Exchange Commission and amid new commitments from the firm to expand its services in Africa. 

More Ripple News

Bitcoin: Is BTC out of the woods? Premium

Bitcoin: Is BTC out of the woods?

Bitcoin (BTC) price action in the past two days has confirmed the resumption of the bull run. However, BTC needs to clear a few key hurdles before investors can go all-in. 

Read full analysis

BTC

ETH

XRP