According to CoinGecko data, Binance, FTX and OKX cryptocurrency after significant price drops occurred after listing on exchanges of Aptos (APT) Its price has increased by more than 30% in the last 24 hours.
The Rise In Aptos (APT) Price Is Thought To Be Due To “Short Squeeze”
The increase in APT prices followed the liquidation of many short-hungry traders, commonly known as “short squeeze”. Funding rates for APT on many crypto exchanges were negative until the upward price action caused a liquidation wave, forcing shorts to liquidate and boosting the altcoin’s price.
There is speculation that the negative funding is the result of hedging, which has become widespread after Aptos entered a not-so-accepting industry audience. In addition, the introduction of perpetual swaps on various exchanges immediately after spot trading has increased the ability of investors to take short positions against this trending asset.
Aptos liquidations saw sharp increases as the price increased.
Born from Facebook blockchain project Libra, Aptos has been one of the most popular topics in the blockchain and cryptocurrency industry over the past week. Its mainnet went live on October 17 and is seen as a Solana killer.
Many in the industry were skeptical of the project, especially after the coin’s opaque tokenomics was revealed just a day before the APT trade launch.
*Not investment advice.
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