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Breaking Cryptic ‘APT’ Elon Musk Tweet Pushes Aptos Price Over $13

2 mins
Updated by Kyle Baird
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Elon Musk is no stranger to making odd tweets that inadvertently affect the prices of major crypto assets and stocks. His latest mentioned ‘APT,’ the symbol used for the web3-focused Aptos.

The tweet in question mentions ‘AI’ and ‘APT.’

Elon Musk deleted the tweet shortly after spurring interest from the cryptocurrency community, but a screenshot can be found below:

Elon Musk Tweets AI APT OTT!
Elon Musk Tweets AI APT OTT!

Aptos Gets an Unexpected Boost

APT jumped nearly 8% to reach $13.68 directly following the tweet. But after Musk deleted it, the price dropped back $12.77.

Aptos APT Price Chart by BeInCrypto
Aptos APT Price Chart by BeInCrypto

Despite all of this, the Aptos token is still about 33% below its all-time high price of $19.92, achieved in January this year. The token clocked a 24-hour trading volume of almost $460 million, according to CoinGecko. 

Millions of Aptos tokens were unlocked on April 12, boosting the number of tokens in circulation. Estimates placed the unlock’s value close to $50 million, underscoring its price ahead of the event.

However, 84% of Aptos’ total supply (842.74 million APT) is still locked, according to Token.unlocks. The next token unlock is due in 27 days.

Aptos APT Token Unlock Dashboard by Token.Unlocks
Aptos APT Token Unlock Dashboard by Token.Unlocks

Elon Musk Effect

Musk’s since-deleted tweet sparked a meme fest and some community confusion. Why Musk added Aptos to AI and OTT caused several users to be perplexed.

The Tesla CEO has frequently discussed the risks that advancing AI poses to civilization. Last year, the billionaire also contrasted The Pirate Bay’s success with that of other OTT services like Netflix and Prime.

While some people dismissed his pick of Aptos as “just Elon things,” others were intrigued by the possibility of a “plot.”

Meanwhile, Twitter continued to get new functionality to beat the competition. Musk confirmed in a separate thread on Friday that the micro-blogging site could soon get the functionality of encrypted messages.

Earlier this month, Dogecoin got a big bump when Twitter replaced its familiar logo with the cryptocurrency’s emblem of a Shiba Inu dog’s head and torso. And in around four days, Dogecoin lost nearly 10% on the daily charts after the social media giant reverted its home button to the recognizable blue bird.

The ‘Musk Effect’ of being able to move the prices of assets has often made headlines and has also gotten the CEO into hot water with the SEC.

This is a developing story that will be updated as more details emerge.

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Shraddha Sharma
Shraddha is an India-based journalist who worked in business and financial news before diving into the crypto space. As an investment enthusiast, she has also has a keen interest in understanding crypto from a personal finance standpoint.