Stacks (CRYPTO: STX), the cryptocurrency associated with a Bitcoin (CRYPTO: BTC) layer-2 solution, spiked dramatically on Monday, surpassing many market heavyweights on the way.
What Happened: STX was the market's fourth-highest gainer in the last 24 hours, with gains of more than 14%. In doing so, it beat large-cap currencies like Bitcoin, Ethereum (CRYPTO: ETH), and BNB (CRYPTO: BNB).
STX's trading volume jumped 177% to $224 million in the last 24 hours, reflecting robust demand for the asset.
Why It Matters: STX is the native coin of Stacks, a layer-2 solution that helps the development of decentralized applications on the Bitcoin blockchain. As of this writing, Stacks has total deposits of more than $124 million, according to DeFiLlama.
Interestingly, the rally comes following an uptick in Bitcoin's price which moved on favorable macroeconomic data.
The surge caused the coin to trend on social media. Social analytics firm LunarCrush noted an 86% jump in social interactions and a nearly 40% jump in social posts for STX.
$STX is showing strong performance today with its LunarCrush AltRank improving 34 positions all the way up to the 14th strongest coin in the market.
— LunarCrush Social Intelligence (@LunarCrush) June 4, 2024
AltRank 14
Social interactions +86.9%
Social posts +39.3%
Price +9.8%
Trading volume +109.3%
View the data at... pic.twitter.com/gTNCzGXTR5
Price Action: At the time of writing, STX was exchanging hands at $2.21, rising 13.73% in the last 24 hours, according to data from Benzinga Pro.
Photo by Igor Faun on Shutterstock