Stacks (STX) Surges with Increased Social Activity and Open Interest
Stacks (STX) has experienced significant gains, making it the top performer among the top 100 assets. The asset’s social activity and open interest have seen remarkable increases.
As of now, STX has risen by 42% in the past 24 hours and is currently trading at $1.21. Its market capitalization has surged to $1.71 billion, placing it as the 40th-largest cryptocurrency. The daily trading volume for the Stacks token has also soared by 615%, surpassing $900 million.
According to Santiment, a market intelligence platform, STX’s social volume has seen a 90% surge in the past day. The majority of social activity surrounding the asset is observed on X, Telegram, and Reddit.
In addition, the total open interest of the Stacks token has increased by 83% within the past 24 hours. Santiment reports that STX’s open interest has risen from $53.9 million on December 4 to $98.8 million at present.
Santiment data further reveals that Stacks’ total funding rate has been steadily declining over the past two days. Currently standing at 0.02%, the total funding rate indicates a dominance of long-position holders until further price movements occur.
Despite this recent surge, STX remains down by 66% from its all-time high of $3.6 on November 16, 2021.
Hot Take: Stacks (STX) Shows Promising Growth with Rising Social Activity and Open Interest
Stacks (STX) has experienced a significant surge in value, emerging as the top gainer among major assets. With a remarkable increase in social activity and open interest, STX has shown promising growth. The asset’s market capitalization and trading volume have also seen significant gains.
Santiment’s data highlights the surge in STX’s social volume, primarily driven by engagement on platforms such as X, Telegram, and Reddit. Additionally, the open interest of the Stacks token has witnessed a substantial increase, indicating growing investor interest.
While STX still has some ground to cover to reach its all-time high, the recent surge suggests positive momentum for the asset. Investors and enthusiasts will be closely monitoring future price movements to gauge the trajectory of STX in the market.
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