Aptos DEX volumes surge 678% following fake token incident
- Decentralized exchanges on Aptos experienced a 678% uptick in trading volumes over the last month.
- With APT’s Chaikin Money Flow (CMF) forming a bearish divergence, its price might experience a correction in the next few days.
Trading volumes across decentralized exchanges (DEXes) housed within Layer 1 (L1) blockchain Aptos [APT] jumped by over 678.1% in the past 30 days.
Aptos DEX volumes up 678.1% over the past 30 days. pic.twitter.com/DOyyKlHX6h
— ASXN (@asxn_r) September 29, 2023
Read Aptos’ [APT] Price Prediction 2023-24
The surge came on 26 September after news broke that South Korean cryptocurrency exchange Upbit had briefly tagged a scam APT token as the real network’s token and allowed its customers to trade the same.
While many expected the incident to impact APT’s value negatively, the coin’s price reacted differently. A recent report by AMBCrypto noted that the coin recorded a 5% growth in value 24 hours following the incident.
Aptos emerges the victor
In addition to its native coin, DEXes on Aptos also recorded an uptick in trading volume. According to data tracked by Artemis, as of 29 September, trading volumes across these platforms stood at 5.5 million, representing the highest daily volume on a year-to-date basis.
For context, this was under 200,000 as of 26 September and grew by 2650% in just three days.
Regarding other growth metrics, the number of unique wallet addresses that sent on-chain transactions daily trended upward since 21 September. With 66,950 daily active addresses as of 29 September, this increased by over 200% in the last seven days.
Interestingly, despite the surge in daily active address count and DEX volume, the number of daily transactions completed on the L1 declined in the past week. According to data from Artemis, this fell by 31% during that period.
APT may to looking to shed its gains
APT traded at $5.35 at press time, having lost almost 2% of its value in the last 24 hours, according to data from CoinMarketCap.
Among daily traders, accumulation continued. As of this writing, the coin’s Money Flow Index (MFI) rested above its center line at 60.81. This suggested that buying pressure exceeded distribution among the coin’s spot traders.
However, the coin might be poised to initiate a correction and lose some gains logged during the week. On a daily chart, APT’s price traded slightly above the upper band of its Bollinger Bands indicator.
How much are 1,10,100 APTs worth today?
When a coin’s price trades this way, it is considered overbought. This means that its price has moved significantly higher than the average price over a period of time and is at risk of a pullback.
Likewise, while the altcoin’s value climbed in the last week, its Chaikin Money Flow (CMF) trended downward. This created a bearish divergence that often precedes a price retracement.