Aptos, a layer 1 blockchain platform, has seen a significant surge in its native token, APT, with a 20% increase in the past 24 hours. This rally has caught the attention of short-term traders, and APT's market cap has now exceeded $5 billion with a trading volume of $530 million. The token has also experienced a double-bottom formation on its price chart, which typically indicates a strong bullish momentum. Open interest for APT has reached a six-month high, suggesting increased involvement from short-term traders. The funding rate for APT has shifted into positive territory, indicating that the majority of traders are betting on further price increases. However, there is a possibility that long liquidations could lead to a price correction and high volatility. Despite the price hike, the social sentiment around Aptos remains negative. Recently, Aptos acquired HashPalette, a Japanese blockchain development company, which led to a 7% increase in APT's price. Aptos was founded by former engineers from Meta Platform's Diem blockchain project and aims to utilize their experience with the Move programming language to create a secure and fast blockchain infrastructure.



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