Aptos Outpaces Solana in Daily Transactions. Will This Impact the APT Price?

Aptos breaks daily transaction record with new game launch, price up on potential but not guaranteed by activity.
APT, Voice of Crypto 

Key Insights

  • Aptos processed a staggering 115.4 million transactions beating Solana and setting a new daily record.

  • The launch of the new "tap-to-earn" game TaposCat likely contributed to the surge.

  • Despite the high volume though, Aptos maintained stability and even registered a new TPS high of 32,000 transactions per second

  • Aptos is currently trading on an upward trend, with a possible price target of $14.3 if it breaks above $9.33 resistance.

  • While the price of Aptos is set to rise, there might not be a direct correlation between this surge in transactions, and Aptos' future trajectory

This week, the Aptos blockchain has taken the crypto market by storm, after beating Solana, SUI and basically every other blockchain for that matter in terms of transaction count.

In total Aptos beat Solana by an amazing 115.4 million transactions over the weekend on 25 May alone, causing a similar surge in transaction volume, and beating the previous record set by SUI, by more than 50%.

Aptos' Impressive Metrics

According to data from Aptoscan, the blockchain's "transactions per second" speed also exploded upwards, to an all-time high of 32,000 on the same day.

<div class="paragraphs"><p>The Aptos network’s speed</p></div>

The Aptos network’s speed

This spike in trading activity may also have been due to the recent launch of TaposCat, a new tap-to-earn game on the Aptos blockchain that is modeled after Telegram's Notcoin

TaposCat has been gaining massive popularity as of late, with Yahoo Finance even reporting that within the first day of the game’s launch on the mainnet, the Aptos network processed an amazing 10 million transactions—which might have been one of the major contributing factors to the spike in activity on the platform.

Impressive User Transactions Per Second

According to Aptoscan, aside from the all-time high in the blockchain's TPS speeds, the network managed to remain stable, demonstrating remarkable efficiency and scalability, even under the massive workload.

Moreover, the network’s gas fees remained constant, possibly due to the platform’s Aggregator feature, which allows the Aptos network to process multiple transactions at the same time.

<div class="paragraphs"><p>1000 transactions per second</p></div>

1000 transactions per second

According to Aptos Labs, the Aptos network is also processing around 1,000 new transactions every second, which makes the blockchain just as fast as Cardano.

Can This Trigger Price Rally?

According to data from CoinMarketCap Aptos is performing very well on all timeframes, as shown in the snapshot below:

<div class="paragraphs"><p>Apros’ price</p></div>

Apros’ price

The cryptocurrency trades at $9.33 at the time of writing—which is a very important price level as shown in the chart snapshot below:

<div class="paragraphs"><p>Aptos’ price action</p></div>

Aptos’ price action

To begin with, we can see that Aptos currently trades on top of an ascending trendline.

This means that the bulls are in control, and is confirmed by the outlook on the RSI.

We can also see that sometime around 9 April, Aptos entered a steep decline from the $14.3 price level, which sent it plunging by around 50% between 9 and 14 April.

Throughout mid-April and until the time of writing, Aptos has been attempting a comeback and should be able to retake the $14.3 price level, if we see a break above the $9.33 resistance.

In sum, traders should keep an eye out for what happens around $9.33, because a break above would signal a further rally.

Disclaimer: Voice of Crypto aims to deliver accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.

Related Stories

No stories found.
Voice Of Crypto