Aptos Airdrops Over 20 Million Coins amid a Massive $APT Selloff

The Layer-1 blockchain Aptos native coin, $APT, rapidly fell after giving its users a 20 million coin airdrop.

APT Declares Payday for Its Users

Newly launched layer-1 cryptocurrency $APT has recently witnessed a $2 price drop resulting from a massive airdrop triggering huge sales by its users on Binance. According to a tweet earlier today, the Aptos cryptocurrency price has dropped from $15 to $13 after a user sold about 189,000 $APT on Binance.

In the early hours of today, October 19, 2022, the Aptos Foundation announced the release of the $APT token to its early network users. In its airdrop, Aptos will provide each user up to 150 $APT, totaling about 20,076,150 $APT tokens to be airdropped to 110,235 participants in the Aptos ecosystem. 

Aptos airdrop was met with excitement by the crypto community. Since its release, thousands of crypto users have received $APT tokens from Aptos. Aptos users have been cashing out massively, leading to a drop in the price of the new cryptocurrency. However, this has also led to massive sales of $APT via different crypto trading platforms, particularly on Binance.

Aptos Airdrop Uncensored

According to a tweet by WuBlockchain earlier today, Aptos’ airdrop was released without any restrictive or protective measures, leading to people getting more than the allotted amount and selling the $APT in dangerous amounts.

According to the Chinese crypto-centric tweet, the $APT airdrop was “without strict anti-sybil attack, which led to some people getting a lot of airdrop tokens. Someone selling 189,567 APT directly on binance, resulting in the APT price from $15 to less than $13.” 

Amidst many other large sales on several cryptocurrency exchange platforms, the $APT price took a sharp plunge this morning when a user sold about 189,567 $APT directly on Binance, resulting in the $APT price drop from $15 to less than $13.

Aptos Battles Unfavorable Markets

Since its launch on the 17th of this month, the $APT has witnessed lots of instability in price. Many crypto exchanges widely accepted the $APT token. FTX, Coinbase, and Binance were among the first exchanges to list the buzzy new layer 1 token. At its inception, the $APT price soared due to broad adoption.

However, the newcomer cryptocurrency Aptos began to plunge in value early Wednesday in its debut on major exchanges as traders welcomed $APT into crypto winter. Following the release of its free airdrop, the $APT price has continued to drop as users sell massively.

Within its first hour of trading, $APT came down over 30%. The hotly anticipated layer 1 token was listed in the $9 range on CoinGecko. Hours into its first day of trading, it declined further, down 46% by 12:50 PM Hong Kong Time, to $7.37.

The Apricot token has decreased 47% in the last 24 hours on surging trading volume. Unfortunately, the tokens  Apricot Finance, a lending application that initially had the same $APT ticker as Aptos, also declined greatly due to name confusion. However, Apricot has effected a name change on CoinGecko. It is now listed as $APRT instead of $APT.