As a top-traded coin, over $31.43 million has been liquidated from the Aptos market in the past 24 hours.
The Aptos (APT) blockchain, a new upgradable layer 1 Web3 infrastructure, has gained significant momentum in the past few weeks. The APT coin has gained 415 percent in the past 30 days to trade around $18.72 on Thursday. The Aptos blockchain – developed over the past three years by over 350 developers across the globe – has seen its fully diluted valuation scale to about $19,242,602,946.
Fueled by its NFT market, Aptos daily traded volume has remained high, about $2,691,587,238 in the last 24 hours since the chain was launched.
For instance, according to aggregate market data from Aptos NFT marketplace Topaz, collections such as Aptomingos and Aptos Monkeys attracted tens of thousands in trading volume in the past few days.
However, the APT coin is overbought from a technical standpoint with high chances of retracing in the near term future. Moreover, the APT hype is bound to suppress as more short-term traders take profits and exit the market along the way.
“If traders…