The Aptos cryptocurrency (APT) is up 388% in the past 30 days, an upward move that has attracted a lot of attention due to the large number of investors in South Korea who are excited about the altcoin.
In 2022, the country kept a close eye on the Earth Ecosystem Collapse (LUNA), created by Do Kwon, a South Korean.
The project’s trail of losses has led local authorities to push for regulation and issue arrest warrants against LUNA leaders.
South Korean investors help cryptocurrency appreciate 388% in 30 days
Last Thursday (26), cryptocurrency Aptos reached its historic market high reaching a price of US$19.92 per unit. The move attracts attention, as in the past 30 days the project that occupies the 28th position in market capitalization has appreciated 388%.
And one explanation for the upward movement is the excitement of the South Korean community with the project.
“Orphaned” since the fall of LUNA, the investors promote the project in the country and plan to grow Aptos in the local ecosystem.
For example, according to journalist Colin Hu, Aptos’ volume on the Upbit exchange surpassed that of South Korea’s Binance at the height of the coin’s appreciation.
According to him, executing the high of altcoins is a tradition of investors in the country when they like the projects. It is worth remembering that some South Korean companies are investors in Aptos, which may explain the local enthusiasm for the project.
“Pump altcoins is also one of the traditions of the Korean community. Aptos employees care deeply about the Korean community. It released the white paper in Korean, the only language other than English. She plans to launch a global hackathon and the first is in Seoul. Korean companies Hashed, Hive and YG are investors in Aptos.”
Aptos officials place great importance on the Korean community. It has released a white paper in Korean language, the only language other than English. It plans to launch a global hackathon and the first is in Seoul. Korean companies Hashed, Hive and YG are investors in Aptos.
— Wu Blockchain (@WuBlockchain) January 27, 2023
The cryptocurrency ecosystem is under pressure in the country
It draws attention to the market’s excitement over an altcoin project as South Korean authorities study cryptocurrency market regulations following the fall of LUNA.
In the crosshairs are stablecoins, in which issuers operating in the country must prove support for projects.
Moreover, brokers operating in South Korea have also come under the radar of regulators. One of the problems observed in the country concerns the operation of Bithumb, one of the largest in the country. One of the heads of the platform has received an arrest warrant in recent days for alleged fraud in the financial market.
In any case, the Aptos Blockchain is still emerging, showing that the South Koreans can handle crises in the local market.
Source: Live Coins
Barry Siefert is an accomplished journalist and author at The Nation View. He is known for his expertise in the field of cryptocurrency, and has written extensively on the topic. With a background in finance and economics, Barry has a deep understanding of the underlying technology and market forces that drive the crypto industry.
