The low sentiment reflected lack of confidence, especially in APT’s ability to bounce from the current level. This is backed by low volumes, which also reflect the current state of the market.
Aptos [APT] is among the newer blockchain networks to enter the highly competitive industry. Nevertheless, it is currently trying to push for more adoption of its services but this will require it to on-board new projects.
Aptos is trying to play catch up with other top smart contract networks with its current plan to support more development on its network. Its latest announcement revealed that Aptos awarded over $3.5 million to more than 50 projects as part of the first phase of its grant program.
Blockchains deploy such grants to attract more projects. Since Aptos is using the same playbook, this means we might see a surge in development activity in the next few months. But just how much has Aptos grown in its short existence?
The recent grants issued as part of the Aptos grants program may stimulate more development activity in the future. But is this enough to support demand for Aptos’ native cryptocurrency APT?
Well, more development will unlock more network utility which may in turn boost investor sentiment. So far APT’s weighted sentiment was still within its monthly lows.
The low sentiment reflected lack of confidence, especially in APT’s ability to bounce from the current level. This is backed by low volumes, which also indicate the current state of the market. As a result, APT has struggled to recover from its current range.