Stacks (STX) Prices Surge 30% to Reach All-Time High
Stacks (STX) prices have experienced a significant surge, increasing by more than 30% in just a few hours. The token reached an all-time high of $3.65 before experiencing a slight cooldown. This surge comes after the token had already climbed from an intraday low of $2.75 on March 20. Currently, STX is trading at $3.36, and it has shown an impressive growth rate of 125% since the beginning of this year.
Stacks is a platform that allows developers to write smart contracts for the Bitcoin network. It gained popularity in 2023 during the Ordinal Inscriptions craze.
What Is Driving STX Momentum?
The recent momentum driving the price pump of STX can be attributed to the approval of a major upgrade to the Stacks protocol called Nakamoto. This upgrade has been highly anticipated and has garnered significant support from the community and governance vote.
The Stacks Foundation announced on March 20 that the Nakamoto upgrade had been approved with an overwhelming majority in favor. Over 2,700 accounts voted for the release, marking a new milestone for the project. Additionally, more than 150 million STX tokens from nearly 400 accounts voted in favor of the upgrade.
Nakamoto Upgrade Impact on Other Cryptocurrencies
The approval of the Nakamoto upgrade has not only had a positive impact on STX prices but also on other cryptocurrencies in the market:
- Ethereum (ETH) prices increased by 12%, surpassing $3,500
- Solana (SOL) experienced a similar increase, trading at $190
- THORChain (RUNE) surged by approximately 19%, reaching $8.73
Meme Coins Lead the Way
While several cryptocurrencies saw notable gains, meme coins were leading the way in terms of price surges:
- Dogecoin (DOGE) witnessed a 20% increase, trading at $0.15
- Shiba Inu (SHIB) also experienced an 11% surge
- FLOKI, another meme coin, jumped by a staggering 42%
- PEPE saw a gain of 22%
The Future of Stacks (STX)
The approval of the Nakamoto upgrade marks a significant milestone for Stacks and its community. With this upgrade, developers will have more opportunities to leverage the Bitcoin network and create innovative smart contracts.
As the Stacks ecosystem continues to grow and gain recognition, there is potential for further price increases and adoption. Investors and crypto enthusiasts will closely monitor the developments surrounding Stacks and its performance in the market.
Hot Take: STX Reaches All-Time High Amid Nakamoto Upgrade Approval
The recent surge in STX prices to an all-time high of $3.65 has created excitement among investors and crypto enthusiasts. The approval of the Nakamoto upgrade has played a crucial role in driving this momentum, with overwhelming support from the community.
With STX experiencing significant growth this year, it is evident that the Stacks platform holds promise as a platform for writing smart contracts for the Bitcoin network. As more developers explore its potential and adopt Stacks, it is likely that the tokenโs value will continue to rise.
Investors should keep a close eye on Stacks and its future developments, as it has the potential to become a significant player in the crypto market.
Sources:
Stacks,
CryptoPotato
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