Despite a downturn in the overall cryptocurrency market, StakeLayer has surged by over 250%, with Thala (THL) and Dream Machine Token (DMT) also posting impressive double-digit gains.
Market Overview
The global cryptocurrency market cap has dropped by 1.5% in the past 24 hours, now standing at $2.17 trillion, according to CoinMarketCap. Major cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH) are experiencing slight declines, with Bitcoin down 0.61% and Ethereum down 0.57%.
However, amid these declines, StakeLayer has skyrocketed by more than 250% in the same period.
StakeLayer’s Price Rally and Market Cap Growth
According to CoinGecko, the StakeLayer token saw a sharp increase, jumping from a 24-hour low of $0.00344 to a high of $0.01489. Though the token has cooled down, it is currently trading at $0.01299 at the time of writing. This surge has pushed StakeLayer’s market cap close to $50 million.
StakeLayer’s dramatic price increase can be linked to a recent buyback and burn initiative announced by the team, which has likely contributed to its position as the top gainer on CoinGecko over the past 24 hours.
Thala (THL) and Dream Machine Token (DMT) Follow with Double-Digit Gains
Alongside StakeLayer, both Thala (THL) and Dream Machine Token (DMT) have seen substantial gains.
- Thala (THL) has surged by 18.5%, which is largely attributed to a price rally in Aptos (APT). Thala Labs, a core protocol in the Aptos ecosystem, enables borrowing, lending, staking, and validating APT. The rise in APT’s price, which recently peaked at $10.27 from a weekly low of $7.87, is the likely catalyst behind THL’s jump.
- Dream Machine Token (DMT) has increased by 20%, though the reasons behind this surge remain unclear.
Over the past 30 days, THL has surged by over 71%, reaching a high of $0.6354 from a recent low of $0.4228.
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