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StakeLayer up by over 250% amidst market downturn: DMT and THL up by double digits
Amidst the slumpy market conditions, StakeLayer has surged by over 250% alongside Thala,Dream Machine Token, which surged by double digits
The crypto market cap has dropped by over 1.5% in the last 24 hours. As per CoinMarketCap data, it currently stands at $2.17 trillion
Bitcoin btc-0.42%Bitcoin is bleeding alongside Ethereum eth-0.14%Ethereum in single digits. However, the Stakelayer token is up by over 250% during the same period.
Stakelayer market cap eyes $50 million with the pump
Data from CoinGecko reveals interesting price movement for the cross-chain staking and restaking platformâs token.The token has pumped from a 24 hour low of $0.00344 to a high of $0.001489
The rally has however cooled down as the token is trading at $0.01299 at press time. StakeLayer also touched an all time high today and is down by over 27% from that high
The token has also earned its spot as the largest gainer on CoinGecko in the last 24 hours. A look at their X account reveals that the team had announced a buyback and burn initiative, which could be one reason for its price surge
Read more:Aptos surges 20% in 24 hours, open interest reaches 6-month high
Thala and Dream Machine Token surge double digits
Interestingly, during the same timeframe, Thala (THL) and Dream Machine Token surged by double digits. As per CoinGecko data, THL price is up by over 18.5%, while DMT has pumped by 20%.
Even though the exact reason for the surge in DMTâs price is unclear, THLâs price surge can be attributed to the price pump of Aptos apt4.76%Aptos. Thala Labs is an ecosystem protocol that aids in borrowing, lending, trading, staking and validating APT.
Chart from CoinGecko
The recent surge in APTâs price,which saw it touch as high as $10.27 from a weekly low of $7.87, is likely the primary catalyst for the surge in its price.THL is up by over 71% in the last 30 days.