On Friday, the price of Aptos APT saw a sudden rise of more than 7% after a tweet from Elon Musk, before quickly falling back to its initial price. Indeed, despite possible confusion, said tweet was in no way referring to the asset, and the market simply went wild for nothing.
Did Elon Musk want to drive up Aptos APT price?
On Friday, the price of APT, the native cryptocurrency of the Aptos blockchain suddenly soared, dropping from $12.73 to $13.64 after mysterious Elon Musk tweet since deleted :
Figure 1 — Elon Musk’s tweet behind the APT surge
Yet, despite this sudden increase of more than 7%, the price of the APT quickly retraced to its pre-event price. After this sudden volatility, the asset is now following a similar behavior to the rest of the cryptocurrency market, showing a slight decline of 0.5% in 24 hours as of this writing.
In effect, said tweet from Elon Musk had nothing to do with Aptos. The initials AI unsurprisingly refer to artificial intelligence, but the APT in question actually stands for Advanced Persistent Threat, according to the Interndoor website.
This notion, which translates into French as “advanced persistent threat”, refers to a type of computer hack against governments, companies or various institutions. The objective of these attacks will be to recover data continuously without being detectedfor espionage purposes.
For its part, OOT would be the abbreviation of Over The Top, which is a technology allowing the transfer of data on various channels such as computers, tablets or telephone, but over which network operators have no control. For example, streaming platforms like Netflix or Disney+ can be qualified as OTT.
👉 To go further — Find our sheet on Aptos to understand this project
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The hasty reaction of the market
If the progress is constant from year to year, such an event nevertheless underlines a certain lack of maturity of the ecosystem.
In many ways, Elon Musk could be accused of market manipulation, the most telling example remains that of Dogecoin, which even invited itself in place of the Twitter logo last week. But the fact is that this time, the rise of the APT is simply a rush and a misinterpretation of a part of the community hanging on the tweets of the entrepreneur.
As reported by Wil, one of the experts in our private Cryptoast Research group who frequently discusses market psychology with our subscribers, this behavior can be identified with misattribution bias. In the present case, this will consist of attributing information to a subject which has nothing to do with it.
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This episode therefore shows that it is important to always take a step back from information. Indeed, if the meaning of Elon Musk’s tweets is sometimes difficult to grasp, the association of AI and APT had something to challenge, given that artificial intelligence is in no way part of the initial value proposition. from Aptos, which aims above all to be a high-scalability layer 1 blockchain.
👉 To read also — End of Dogecoin (DOGE) on Twitter, the price of the memecoin goes down as fast as it went up
Sources: Interndoor, Image: Duncan Hull via Wikimedia Commons (CC-BY-SA-3.0)
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