Layer 1 blockchain Aptos tokens have surged since the beginning of the year, hitting a new all-time high on Wednesday. According to CoinDesk data, the token APT reached $16.46, up 350% since Jan. 1.
Most recently, APT was trading at $16.22, up more than 25% over the past 24 hours.
The token’s rise has outstripped recent moves from the two largest cryptocurrencies by market capitalization, Bitcoin and Ether.
The token’s funding rate is still negative, suggesting that traders expect the rally to be short-lived.
“If a trader is willing to open a short position with a very negative funding rate, they must believe the token will fall,” said Christopher Newhouse, a crypto derivatives trader at crypto market maker GSR. said. “Despite the surge, this suggests Shorts thinks Larry may have gone too far.”
Aptos was founded by two Ex-Meta employees and has been under scrutiny for the distribution of APT tokens since it launched its mainnet in October. Investors and his Aptos Foundation received almost half of his billion tokens issued.
As CoinDesk reported earlier this week, Aptos’ non-fungible token market may have contributed to the growth. Collections such as Aptomingos and Aptos Monkeys attracted tens of thousands of trading volumes on Monday, according to data from Aptos NFT marketplace Topaz. According to Topaz, Aptomingos’ trading volume has increased by 250% in the last 24 hours.