Who understands, family? Recently, the crypto community has been buzzing about APT directly nailing the 'ceiling of criticism' shut —— opening up the related topic, half of the comments complain that it 'can't be supported', and the other half scold it for 'cutting leeks without any bottom line', even bystanders can't help but join in the fun. But the most magical scene came: the more fiercely it's criticized, the fewer people shorting it; the project team is in a stance of 'you can scold all you want, I remain unshaken', vividly performing a 'crypto version of a silent drama', which made me laugh out loud!
As an analyst who has been watching APT for nearly two years, I must dig into the underlying logic behind this event today. This is not just a simple 'war of words', but rather a game theory that most people have not seen through.
First of all, I must say that there are indeed reasons for everyone to criticize APT: it has dropped nearly 90% from its peak, and the few rebounds along the way were all “trap jumps”, entrapping one batch after another of high-buying parties; the ecological progress seems lively, but there aren’t many practical applications to show for it, and compared to other public chains during the same period, the progress is indeed frustratingly slow. But criticism aside, why does no one dare to easily short it? The core reason is summed up in two words: “fear of being squeezed”.
I checked the recent on-chain data, and the top 20 addresses holding APT account for over 65% of the circulating supply. Moreover, there have been almost no large-scale sell-off records in the past 3 months. This means that there aren’t many freely circulating chips in the market. If someone truly shorts heavily, once the project team or large institutions counteract, the shorts won’t have enough chips to close their positions, and they could be “squeezed until they cry” in no time. More importantly, the lineup of investors behind APT is quite hardcore; if it reaches a critical point, the protective capital is likely to enter the market, and shorting is akin to “a chicken hitting a rock”.
Looking at the project team’s “calmness”, it’s not really a matter of giving up. Many people criticize it for “not caring about public opinion”, but I looked through its recent technical weekly reports and found that the team has been quietly addressing shortcomings: optimizing underlying performance, integrating cross-chain protocols, and incubating small ecological projects, just without the loud marketing seen in other projects. In simple terms, this is a typical “quietly working type”. Compared to arguing in public opinion, they prefer to focus their energy on technology, after all, what ultimately matters in the crypto world is hard power, not who has the loudest voice.
To be honest, APT's recent operations are quite like “the honest person who doesn’t retaliate when hit or insulted”: the more you criticize it, the more it remains composed; if you want to short it, it has the strength to “counterattack” hidden away. This sense of contradiction also makes it one of the most controversial yet captivating cryptocurrencies in the field; after all, being able to stabilize amidst so much criticism itself indicates it is not a worthless “air coin”.
Are you a part of those criticizing APT, or quietly buying the dip? Do you think it is “garbage” or an underestimated “hidden gem”? Follow me to uncover the wealth code behind the criticisms. After all, in the crypto world, truth often stands with a minority, and I will always help you stand on the logical side.
