CMC News

$APX Investor Turns $226K Into $7M During #AsterSwap Launch

A crypto wallet that purchased $APX tokens for $226,000 in 2022 now holds over $7 million following this week's explosive rally. The surge came as the #ASTER token swap program went live, triggering massive buying pressure across the market.

Data from Arkham Intelligence shows wallet 0x9d22 accumulated 3.62 million $APX tokens through multiple transactions in 2022. The investor paid less than $0.07 per token during the accumulation phases. With $APX now trading around $1.95, the position has generated a 3,000% return on the original investment.

The token experienced a 120% price surge in 24 hours, briefly touching an all-time high of $1.98 on Sunday. Market capitalization reached $827 million while daily trading volume hit $79 million during peak activity.

$APX serves as the native token for #APXFinance, a decentralized derivatives exchange operating on BNB Chain and Arbitrum networks. The platform offers order book trading and on-chain perpetual contracts with leverage up to 1001x.

The recent rally stems from the launch of the highly anticipated token upgrade program. $APX holders can now exchange their tokens for $ASTER, which powers the Aster protocol ecosystem. The swap window opened on Wednesday, with early participants receiving preferential exchange rates.

The exchange ratio declines across five time periods, creating urgency among token holders. $APX DAO stakers unlocked their positions penalty-free starting Tuesday, allowing them to participate under the same favorable terms.

All DAO reward programs concluded last week as the migration process began. The #tokenmigration has attracted significant attention from derivatives traders seeking exposure to the upgraded protocol.

The #Aster protocol briefly crossed $2 billion in total value locked after launching its native token, but then settled back to $545 million.