Aptos eyes over 10% gain, Franklin OnChain US Government Money Fund now represented on-chain
|- Aptos announces Franklin OnChain US Government Money Fund is represented on the blockchain.
- FOBXX surges past $20 million in subscriptions, signaling a major breakthrough in institutional crypto adoption.
- APT eyes over 10% gains, holds steady above 10-day EMA.
Aptos (APT), a proof-of-stake blockchain network, is gaining on Wednesday amidst new developments in its blockchain ecosystem. Aptos announced the launch of Franklin OnChain US Government Money Fund (FOBXX) represented by the BENJI token.
APT trades at $7.78, eyeing double-digit gains.
Aptos gears up for double-digit price rally
Franklin Templeton has launched the OnChain US Government Money Fund (FOBXX) represented by the BENJI token on Aptos blockchain. The fund is regulated under the 1940 Act and invests at least 99.5% of total assets in government securities, cash and repurchase agreements.
FOBXX surged past $20 million in subscriptions, and Aptos blockchain considers this a sign of rising blockchain adoption among institutional investors.
⚡ Aptos Newsroom, Special Edition ⚡@FTI_DA has launched its Franklin OnChain U.S. Government Money Fund (FOBXX) represented by the BENJI token on Aptos!
— Aptos (@Aptos) October 2, 2024
FOBXX has surged past $20M in subscriptions, signaling a major breakthrough in institutional blockchain adoption. https://t.co/L7CgthT6a0 pic.twitter.com/pgLHfjZN4V
⚡ Aptos Newsroom, Special Edition ⚡@FTI_DA has launched its Franklin OnChain U.S. Government Money Fund (FOBXX) represented by the BENJI token on Aptos!
— Aptos (@Aptos) October 2, 2024
FOBXX has surged past $20M in subscriptions, signaling a major breakthrough in institutional blockchain adoption. https://t.co/L7CgthT6a0 pic.twitter.com/pgLHfjZN4V
APT could extend its gains by 10.8% and rally toward $8.64, the September 24 peak for the asset. The Moving Average Convergence Divergence (MACD) , a momentum indicator, shows green histogram bars above the neutral line, meaning there is positive underlying momentum in the APT price trend.
The asset could find support at the 10-day Exponential Moving Average (EMA) at $7.41. The asset faces resistance at $11.84, the 50% Fibonacci retracement of the decline from the March 25 top of $19.37 to the August 4 low of $4.32.
APT/USDT daily chart
A daily candlestick close under the 10-day EMA at $7.41 could invalidate the bullish thesis and send APT to collect liquidity at the September 18 low of $5.70.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.