Will Aptos catch the Inscriptions fever?
- Over 1,000 inscriptions have been deployed on the Aptos network.
- Aptos’ TVL has entered the $100 million range.
The Aptos [APT] network is preparing for Inscriptions following its latest announcement. What is the current status of the network, and what potential impact might this development have on it?
Aptos APT-20 completes its first Inscription
Also, over 5.5 million inscription transactions have been done. Furthermore, the platform now has over 32,000 holders.
With the rise in popularity of inscriptions on Bitcoin [BTC], the most notable impacts were observed in fees and transactions. The network experienced a substantial increase in transaction numbers, setting new records during this period.
The increased transaction activity also resulted in a significant rise in fee volumes, reaching record figures similar to the transaction records.
An examination of EVM-compatible networks revealed that Inscriptions similarly influenced their fee structures and transactions.
The analyzed chart showed that certain platforms experienced a record number of transactions attributed to inscriptions. In line with the patterns observed in Bitcoin and EVM platforms, Aptos may also witness a rise in transaction numbers.
This increase in transaction volume could also lead to a rise in network fees.
Current volume and transactions on Aptos
The Aptos network has experienced a notable rise in transactions within the last 24 hours. As of this writing, the daily transaction count was over 3 million.
This represented a remarkable increase of over 39% in transaction numbers during the same period.
Despite this rise in transactions, data from DefiLlama showed that there has not been a significant impact on the network volume. The current volume, around 3 million, reflects an increase without substantial additional volume.
While the volume maintained a consistent trend, the network’s Total Value Locked (TVL) has shown a rising trend. According to the chart, the TVL has broken into the $100 million range, indicating a positive development.
APT maintains a strong bull trend
Analysis of Aptos’ daily timeframe chart showed that it had experienced a period of trading gains in recent days. Despite these, the cumulative gains have stayed within 1%.
How much are 1,10,100 APTs worth today?
As of this writing, the trading value was around $9.3, indicating an increase of less than 1%. Notwithstanding this slight uptick, it continued to show a strong bull trend.
The Relative Strength Index (RSI) at the time of this analysis was over 60, emphasizing the strength of its prevailing bull trend.