In the latest APT Price Analysis, Aptos price is rising as demand from the viral Tapos Cat game pushes the transaction count higher, flipping Solana Network.
Aptos, a high throughput blockchain built using the MOVE programming language, is pumping at spot rates.
Thanks, in part, to the spike in daily transaction volume, APT prices are tracking higher, with bottoms likely as of late May.
ETH is the best performing L1 in the last 7 days.
Followed by Aptos $APT.
Don't ignore these signals. They often show new trends in the market.
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— Crypto Koryo (@CryptoKoryo) May 28, 2024
Aptos Price Analysis: Transaction Count Spikes
On-chain data on May 25 shows that the high-throughput blockchain processed a whopping 115.4 million transactions, surpassing Solana, which confirmed 31.7 million on the same day. Meme coins mostly drive activity on Solana.
Aptos processed 115.4 million transactions, eclipsing Solana’s 31.7 million for the same day.
At this pace, Aptos is setting a new benchmark, and the spike saw the blockchain overtake the previous record of 65 million transactions per day set by the Sui Network.
When the 115.4 million transactions were processed, the network registered an all-time transaction per second (TPS) of over 32,000.
The sudden surge in transaction count is due to the launch of a “tap-to-earn” game, Tapos Cat. Hours after launching, the network processed over 10 million transactions from the game.
It is easy to see why. The game is fun for cat lovers. All they have to do is “tickle” a virtual cat to earn HEART tokens. Each tickle generates multiple transactions.
What even draws attention is that all participants don’t have to pay for gas until after the initial launch period is over. Without gas fee payment, there is an incentive to participate.
Concerns exist that the incentive might not be sustainable and only serve to inflate on-chain metrics. Others, however, claim Tapos Cat showcases Aptos’ ability to scale regardless of user demand.
For now, Aptos is dominated by Tapos Cat-related activity. As Flipside data shows, ordinary transactions have been overshadowed by cat tickling and scramble for HEART tokens.
As of May 27, over 82% of all transactions are related to Tapos Cat.
APT Price Is Rising But Down 50% From March Highs
Even so, APT price is steady despite trailing Bitcoin and Ethereum. At spot rates, trackers show that the coin was up 10% in the previous trading week and is perched at 30th.
Looking at the APTUSDT performance in the daily chart, the path of least resistance is technically southwards. To demonstrate, APT is down 50% from 2024 peaks.
However, there are hints of strength that require APT bulls to breach $9.50.
(APTUSDT)
Any close above this line may trigger demand, allowing bulls to push prices to March highs of $19 or higher.
Conversely, losses below $7.5 will see APT price bear double down.
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Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
