STX20 Inscription Minting Sparks Network Congestion, Resulting in 15% Surge of Stacks (STX)

Stacks Blockchain Sets New Record with 10,371 Transactions in a Single Block

The Stacks blockchain has achieved a major milestone by recording a total of 10,371 transactions in block 132,377 on December 18. This marks the highest number of transactions ever recorded in a single block in Stacks history. Just hours before this record-breaking block, the blockchain had already recorded 8,000 transactions.

This surge in transaction activity is attributed to the increasing popularity of STX20 inscription minting, which has led to higher fees and network congestion. While this development brings Ordinals and Stacks closer together, it also poses challenges for the network.

Notably, Bitcoin’s blockchain is also experiencing congestion and high fees. However, the Stacks team has received support from contributors who are working towards improving efficiency for users and the network.

STX Price Surges by 15%

In response to the increased transaction volume and network activity, the price of STX has surged by 15% in the past 24 hours. Currently trading at $1.15, STX has experienced a significant rise in trading volume, indicating growing interest among traders.

Over the course of a week, STX’s price has seen a pump of 30%, and over a month, it has surged by almost 90%. Analysts predict that this upward trend will continue as trading volumes continue to increase.

Hot Take: Stacks (STX) Sees Record-Breaking Transaction Volume Amid Network Congestion

The Stacks blockchain has made headlines with its record-breaking transaction volume of 10,371 transactions in a single block. This achievement comes as a result of the growing popularity of STX20 inscription minting. However, this increased activity has also led to higher fees and congestion on the network.

As Stacks and Ordinals come closer together, the network is facing challenges similar to those being experienced by Bitcoin’s blockchain. Despite these obstacles, the price of STX has soared by 15% in response to the heightened transaction volume and trading interest. With trading volumes on the rise, analysts predict that STX’s price will continue to climb in the near future.