In the midst of a bearish cryptocurrency market, StakeLayer has defied the odds by surging over 250%, making it one of the top gainers alongside Thala and Dream Machine Token, which also saw double-digit increases in their prices.
The overall cryptocurrency market cap has experienced a 1.5% drop in the past 24 hours, standing at $2.17 trillion according to CoinMarketCap data. Both Bitcoin (BTC) and Ethereum (ETH) have seen single-digit losses, but StakeLayer token has managed to soar by more than 250% during the same period.
StakeLayer’s market cap is now eyeing $50 million following its impressive pump. Data from CoinGecko indicates a significant price movement for the platform’s token, with a surge from a 24-hour low of $0.00344 to a high of $0.001489.
Although the rally has cooled off slightly, with the token currently trading at $0.01299, StakeLayer reached an all-time high today before dropping by 27%. The token has secured its position as the largest gainer on CoinGecko in the last 24 hours, potentially attributed to a buyback and burn initiative announced by the team.
On the other hand, Thala (THL) and Dream Machine Token (DMT) also experienced notable price surges during the same timeframe. THL’s price increased by over 18.5%, while DMT saw a 20% pump. The surge in THL’s price can be linked to the rise in Aptos (APT) price, as Thala Labs plays a key role in the APT ecosystem for borrowing, lending, trading, staking, and validating.
APT’s recent surge, reaching as high as $10.27 from a weekly low of $7.87, likely influenced the rise in THL’s price, which has seen a 71% increase in the last 30 days. Additionally, THL’s price rose significantly in the past week, hitting $0.6354 from a low of $0.4228.