Aptos (APT) rallied by 7.4% in less than a minute on Friday after Twitter CEO Elon Musk tweeted, “AI APT OTT!”
“APT,” in this context, however, was an acronym for Advanced Persistent Threats, not the Aptos token, and APT retraced the entire move higher after Musk deleted the tweet one hour later.
This is not the first time Elon Musk or companies he’s associated with have moved crypto markets. Only days ago, Twitter changed its logo from the blue bird to the Shina Inu dog that represents dogecoin, sending that memecoin surging as much as 35%. The logo has since been switched back.
Even with the retracement, Aptos, which is the native token of the Aptos blockchain, remains up by 8.2% over the past 24-hours alongside gains for much of the altcoin market following Ethereum’s successful Shanghai upgrade.
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APT has now rallied by more than 89% since its debut in October 2022.