Aptos cryptocurrency plummets after controversial executive branch statement

Cryptocurrency Aptos (APT) started to plummet in the market in recent days after reaching an all-time high of nearly $20 per coin. And one of the reasons for the fall may be a clarification of the project.

Since most of the project’s investors are from South Korea, Aptos appreciated after the local market invested relentlessly in the project set up by former Facebook employees.

However, the high of the currency may not have a direct relationship to the technological fundamentals, but a joke. That is, in South Korea, Aptos became a memecoin.

After the executive declares the Aptos cryptocurrency to be a memecoin, the price falls

According to Hashed founder Alex Shin, Aptos didn’t value its market fundamentals, but worrying speculation among South Korean investors.

For the founder of the global venture capital fund operating in the cryptocurrency market, investors in South Korea take investments in the real estate market very seriously.

So, a joke that grips investors who buy Aptos implies that the currency can appreciate in value and will one day give its holders an apartment. It is worth remembering which apartment is apartmentthat is, everything indicates that the prank led people to buy the currency in search of a property that may never come.

“For those wondering why APT is $17. Aptos is a meme currency in Korea. The #1 asset class in Korea is real estate, specifically apartments. Retailers are calling Aptos an “apartment” and claim that if they have $APT, people can one day buy a real apartment.”

For those wondering why $APT is $17. Aptos is a meme coin in Korea.

The #1 asset class in Korea is real estate, specifically apartments.

Retail calls Aptos “apartment” and claims people will one day be able to afford to buy a real apartment if they own it $APT.

—Alex Shin (@AlexShin) February 4, 2023

Despite Aptos’ surreal speculations related to the real estate market, Shin confirmed that it is not a joke on his part as the situation is real.

8% drop after revelations

After the world market realized the prank investment revelation in Aptos, the price of the cryptocurrency fell 8% this Sunday (5) in the major brokers in the market.

As the 29th largest cryptocurrency by market capitalization, the possible South Korean meme drops to $15.25 per APT. Since the all-time high on January 30, 2023, when the Aptos price rose to $19.90, the decline has already seen a 23% loss since the all-time high.

In any case, the new project, which was launched at the end of 2022, continues to promise that it can safely help investors enter Web3 in the future. In January 2023, it registered a 400% increase, drawing interested parties to its ecosystem.