Amid sluggish market conditions, StakeLayer surged over 250%, alongside Thala, Dream Machine Token, which surged by double digits.
The market capitalization of cryptocurrencies has fallen by more than 1.5% in the last 24 hours. According to data from CoinMarketCap, it currently stands at $2.17 trillion.
Bitcoin (BTC) is bleeding alongside Ethereum (ETH) in single digits. However, the Stakelayer token has increased by over 250% during the same period.
Stakelayer Market Cap Targets $50M With Pump
Data from CoinGecko reveals an interesting price movement for the cross-chain staking and restaking platform token. The token rose from a 24-hour low of $0.00344 to a high of $0.001489.
The rally has calmed down, however, as the token is trading at $0.01299 at press time. StakeLayer also hit an all-time high today and is down over 27% from that high.
The token also earned its place as the biggest gainer on CoinGecko over the past 24 hours. A review of their X account reveals that the team had announced a buy-and-burn initiative, which could be one of the reasons for the price hike.
Thala and Dream Machine Token rise by double digits
Interestingly, during the same period, Thala (THL) and Dream Machine Token (DMT) surged by double digits. According to CoinGecko data, the price of THL increased by more than 18.5%, while that of DMT increased by 20%.
Although the exact reason for the DMT price rise is unclear, the THL price rise can be attributed to the Aptos (APT) price rise. Thala Labs is an ecosystem protocol that facilitates borrowing, lending, trading, staking, and validating APT.
APT’s recent price surge, which saw it reach $10.27 after a weekly low of $7.87, is likely the main catalyst for its price rise. THL is up over 71% in the last 30 days.
The token has also shown a decent rise over the past week with its price reaching $0.6354 from a low of $0.4228.
