Renowned developer Foobar hinted at "APTs surge unexplained"? and others shorting useless tokens to drive up spot prices.

Renowned developer and Twitter KOL "foobar" tweeted on the 26th, stating:

"This is a bit crazy, how can you create a useless token, hold it all yourself, and still list it on Binance with perpetual contracts. Wait for people to get angry and short these useless tokens, then pump up the spot price, liquidate them, and take that money away forever." foobar did not specify which cryptocurrency it is, but who could it be?

What APTOS APT Sparked foobar's Interest?

The market tactics described by foobar are common but difficult to prove, mostly based on speculation. However, what token could have piqued foobar's interest?

According to CoinMarketCap statistics on January 27, the cryptocurrencies with the highest seven-day gains include Threshold T, Aptos APT, Fantom FTM, and others as shown below. Among them, only APT, FTM, XEC, and AXS have perpetual contract products on Binance. APTOS APT was launched in October last year and is the latest addition.

According to Coinglass data, besides ETH and BTC, the cryptocurrency with the largest liquidation volume in the past 24 hours is APT, which has seen remarkable price surges recently. Its liquidation volume is several times larger than that of MATIC and FTM, ranking fourth and fifth. Comparing the characteristics mentioned by foobar, APT may be the most likely candidate to match the current trending phenomenon.

Is APTOS Useless? It Has a Mini Ecosystem

foobar's description of "useless tokens" may be agreed upon by many.

According to DefiLlma data, Aptos APT is not ranked high in the public chain rankings, with Total Value Locked (TVL) assets ranking 31st at $57.7 million, stablecoins at $50.91 million, and trading volume at $4.56 million. As most of the TVL is still in stablecoins, APT's recent surge of 124% in 7 days has not significantly impacted the TVL, only about 13%.

However, APT still serves a purpose for transaction fees, with ecosystem applications including DEX decentralized exchanges, liquidity staking, lending, etc.

Aptos World Tour Coming to Taiwan in February

Market prices reflect investors' expectations and may not necessarily align with actual applications. While foobar's speculations may resonate with some, it cannot be ruled out that many are genuinely optimistic about this public chain.

Continuing to engage with the community and attracting developers to join the ecosystem are essential steps in the development of a public chain. Aptos will hold a community meetup in Taipei, Taiwan, on February 6, 2023, from 18:00 to 22:00, following the event in South Korea as the next stop in Asia.