Home » “AI APT OTT”: what did Elon Musk’s tweet that sent Aptos’ share price up mean?

“AI APT OTT”: what did Elon Musk’s tweet that sent Aptos’ share price up mean?

by Tim

Friday, Aptos’ APT price saw a sudden spike of more than 7% after a tweet from Elon Musk, before quickly dropping back to its initial price. Indeed, despite a possible mix-up, said tweet was in no way referring to the asset, and the market simply got carried away for nothing.

Did Elon Musk want to boost the price of Aptos APT?

On Friday, the price of APT, the native cryptocurrency of the Aptos blockchain suddenly soared from $12.73 to $13.64 after a mysterious tweet from Elon Musk that has since been deleted:

Figure 1 - Elon Musk's tweet that caused APT to rise

Figure 1 – Elon Musk’s tweet that caused APT to rise


Yet, despite this sudden rise of more than 7%, the APT price quickly retraced to its pre-event price. After this sudden volatility, the asset is now following a similar behavior to the rest of the cryptocurrency market, posting a slight decline of 0.5% in 24 hours at the time of writing.

Indeed, the said tweet from Elon Musk had nothing to do with Aptos. The initials AI are unsurprisingly related to artificial intelligence, but the APT in question would actually stand for Advanced Persistent Threat, according to the Interndoor website.

APT refers to a type of hacking attack against governments, businesses and other institutions. The objective of these attacks will be to retrieve data continuously without being detected, for espionage purposes.

On the other hand, OTT would be the abbreviation of Over The Top, which is a technology that allows the transfer of data over various channels such as computers, tablets or phones, but over which the network operators have no control. For example, streaming platforms like Netflix or Disney+ can be called OTT.

The market’s hasty reaction

While progress has been steady year after year, such an event still highlights a certain lack of maturity in the ecosystem.

In many ways, Elon Musk could be accused of market manipulation, the most telling example remains that of Dogecoin, which was even invited in place of the Twitter logo last week. But the fact is that this time, the rise of APT is simply a matter of haste and misinterpretation by a part of the community hanging on the tweets of the entrepreneur.

As reported by Wil, one of the experts of our private TCN Research group who often comes back to our subscribers on market psychology, this behavior can be identified with the misattribution bias. In this case, it consists of attributing information to a subject that has nothing to do with it.

This episode shows that it is important to always take a step back from information. Indeed, if the meaning of Elon Musk’s tweets is sometimes difficult to grasp, the association of AI and APT was very interesting, given that artificial intelligence is not part of the initial value proposition of Aptos, which aims to be a layer 1 blockchain with high scalability.

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