Hristina Vasileva
Aptos (APT) followed the expansion track of other altcoins, rising by more than 12% in 24 hours. Aptos is an independent L1 chain that is on the lookout for its super-app.
The Aptos (APT) rally took the native token near the highest levels in the past month. APT rallied to a local peak of $13.20, following a new crypto trend of user-generated assets. APT later retreated to $12.28. The token is seen as one of the candidates for a new all-time high, as it has previously peaked above $18. In the case of an extended bull run, APT may break out and reprice to a higher level.
Aptos has been lagging behind Ethereum and Solana, with much smaller leading apps. The chain carries close to $1B in value locked, similar to the scale of chains like Toncoin. The recent rally follows the launch of Emojicoin Dot Fun, a launch platform that allows anyone to generate and launch an Emoji token. The token launch platform has been live on the Aptos main net for just a few hours.
🧵 Dive into how to launch, trade, and swap emojicoins below 👇 pic.twitter.com/ZCs4PzkX3e
— emojicoin dot fun (@emojicoindotfun) November 20, 2024
Aptos is now riding the trend of user-generated assets, which is already thriving in meme token space. Emoji tokens hinge on the appeal of Internet culture, hinging not on memes, but on widely used chat emojis.
As with memes, the early launchers try to tap the most impactful and appealing icons, creating a meme community and hype around them. What was a chat staple is now turning into hot tokenized content. The current trading activity for emoji tokens is extremely low, as there is still no suitable platform beyond the launchpad. Some of the recently launched emojis, such as the red flag, may take a while before completing their bonding curve.
The goal of the platform is to make new launches, while waiting for traders to ape and buy a part of the supply during the early stage. After that, the token creators can use the native ‘Pools’ tab of the Emoji Dot Fun app to provide liquidity. The leading pool as of November 20 is for the ‘Dog’ icon, with more than 34K APT locked.
The emoji token platform is creating demand for APT tokens, as the launches require liquidity to discover the price for each new mini-pool. All emoji tokens are denominated in APT tokens, and still have relatively small volumes. The platform also allows for fair launches, where supposedly the token supply is widely distributed. Emoji token trading has been made as simple as possible, with the potential for mass appeal and a drive to boost the most active emojis.
Aptos has fewer tracking tools compared to Solana and Ethereum. At the early stages, emoji tokens may take months to achieve the influence and listings of memes. The other obstacle is the need to acquire APT and run a new wallet to hold all emoji assets.
Aptos platform grows user base since October
Aptos already allows for bridging from Ethereum, and will add Solana bridging soon. However, it is unknown if the emoji tokens would be bridged back and forth, and what would be their main trading venue. Currently available DEX on Aptos are still relatively small, and are yet to feel the inflow of emoji tokens.
The recent price expansion and the addition of the emoji token app follows a general inflow of users into Aptos. From October onward, the general market drive led to new records in both new and overall active addresses.
The effect of Emoji Dot Fun is still not reflected in the Aptos activity. The platform may add to the network’s overall effect, as there are also incentives for trading. A pool of 4,000 APT is set aside for incentives, choosing random traders for an extra reward.
Aptos has another advantage, that of minting additional native USDT. Tether has already issued 30M USDT on the chain, with another 100M authorized but not issued. For now, the stablecoin is not tied to any emoji token activity, but is key to DeFi apps on the chain.
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