• Aptos (APT/USD) has seen a massive price increase in 2023, peaking at $20.44 in January.
• A closer look at its network shows that things are not going as well as they appear. Aptos’ DeFi TVL has plunged in APT terms, and the total number of users in its ecosystem has been falling.
• Despite these concerning metrics, Aptos’ price continues to form a bullish flag, suggesting that the coin might still have more room to grow in the coming weeks.
Aptos (APT/USD) has seen a spectacular price surge in 2023, making it one of the top-performing coins in the industry. The coin peaked at $20.44 in January, which was about 448% above the lowest point this year. Despite this strong bullish trend, a closer look at the network shows that things are not going as well as they appear.
Aptos’ DeFi TVL, or Total Value Locked, has been in a strong growth in dollar terms in the past few months. It stands at an all-time high of $76 million. However, when you switch to the TVL in Aptos terms, which is the metric that matters, shows that it has been falling. Aptos now has a TVL of 4.26 million APT, which is lower than its all-time high of over 17.6 million APT.
Other Aptos metrics also send a concerning picture of the network. For example, according to AptosScan, the number of transactions in the network has been in a strong downward trend since February. The number of active addresses and active wallets have also been declining since February, which could indicate a lack of interest in the platform.
Despite these worrying metrics, Aptos’ price continues to form a bullish flag, suggesting that the coin might still have more room to grow in the coming weeks. The strong bullish sentiment is being driven by a wave of new investors entering the market, as well as by the growing adoption of DeFi protocols.
It remains to be seen whether Aptos’ on-chain metrics will improve in the near future. If they do, it could be a sign that the coin is ready to make a strong move higher. On the other hand, if the metrics continue to decline, this could have a negative impact on the coin’s price. Therefore, it is important for investors to keep an eye on Aptos’ network metrics to get an idea of where the coin is headed in the near future.