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Who REALLY has control of Aptos Network right now?

2min Read

A decline in gas fees must have helped APT register an increase in daily transactions. However, it looks like investors will have to wait longer for a bull rally.

Aptos: Network activity shows recovery, but bears seize control of APT

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  • In its latest tweet, Aptos listed several new features that came along with its Move v1.3 update.
  • APT’s price declined by nearly 3% last week, and market indicators were bearish.

Aptos [APT] posted a Twitter thread on 23 May highlighting new network features and improvements in its latest update of Mover v1.3. The new features looked promising and could drive further adoption and growth for the blockchain in the coming months. 

Read Aptos’ [APT] Price Prediction 2023-24

Deep dive into Aptos’ new features

Aptos’ latest Move v1.3 came with multiple new features that added much value to the network. For instance, with the update, developers can now access and manage heterogeneous assets using global storage independent of accounts.

Another update was related to the Multisig Account v2. Compared to the first multisig account design, the new account provides more robust functionalities.

The tweet also mentioned that Aptos’ inline functions accept lambda expressions as parameters. This allows developers to define popular higher-order functions in Move, improving readability and reducing overhead.

Network activity increases

The blockchain also mentioned that it was witnessing a decline in gas fees on its network. Around 90% of transactions on Aptos are seeing a tenfold reduction in gas fees, with execution gas usage being lowered by as much as 100 times. 

Thanks to the reduction in gas fees, network activity on the blockchain was recovering again.

As per Artemis’ chart, after a steep dip, the number of daily transactions on APT was climbing up. The same trend was also followed by the number of daily active addresses, which looked optimistic. 

Source: Artemis

Investors are not happy with Aptos

The blockchain’s health looked fine, but the same can’t be said for its native token. Over the last 30 days, APT’s price witnessed a major reduction, thanks to the bearish market condition.

As per CoinMarketCap, APT’s price declined by more than 2.5% in the last seven days. At press time, it was trading at $8.30 with a market capitalization of over $1.6 billion.

Santiment’s chart revealed that APT’s trading volume also plummeted. This meant that investors were less interested in trading the token.

APT’s popularity was also affected, as evident from the decline in its social dominance. However, APT’s development activity remained high, which by and large is a positive signal for a blockchain.

Source: Santiment

How much are 1,10,100 APTs worth today   

A few more slow days ahead

APT investors might have to wait longer for a bull rally as the Bollinger Bands revealed that APT’s price was entering a low volatility zone.

The Money Flow Index (MFI) also registered a downtick, decreasing the chances of an uptrend in the near term. However, the MACD displayed a bullish advantage in the market, which can turn things around. 

Source: TradingView


Dipayan is a full-time journalist at AMBCrypto. He has 2 years of experience in the content creation industry. A graduate in journalism, Dipayan has a keen interest in keeping himself updated with the latest developments in the crypto-space. He is a singer and a guitarist who also enjoys going on long bike rides.
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