Stacks (STX) Crumbles 36% After Weeks Of Rally

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Stax (STX) is now painted in the red after an impressive performance, outperforming other cryptocurrencies on the top 100 list of crypto market trackers Coinmarketcap and CoinGecko.

At the time of writing, STX was trading at $0.6589, down about 36% in the last seven days. Data from Coingecko shows that the coin has lost almost one percent of its value over the past 24 hours.

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Despite the drop in price on the weekly time frame, STX still managed to register a solid figure on the monthly scale with an increase of 121%. The crypto is currently up about 4% in the last hour.

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Source: Coingecko

Stacks (STX) is a cryptocurrency token that operates on the Stacks blockchain, a decentralized network that allows developers to build smart contracts and decentralized applications (DApps).

Stacks (STX) down 10% in the bi-weekly frame

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As one of the first blockchains, Stack made it possible to mint bitcoin. ordinals

Launched in 2017, Stack has gained popularity among blockchain enthusiasts due to its unique approach to bridging the gap between traditional finance and decentralized finance (DeFi).

Source: Coingecko

stack token The price has seen a significant increase since its launch. In its early days, the token was trading at around $0.01; As of today, it has climbed to $0.6589. However, the current price of the coin still represents a 10% drop over the past two weeks.

Source: CoinMarketCap

One of the main drivers behind the recent surge in the STX token price is the growing interest in DeFi applications.

As more people become aware of the benefits of decentralized finance, there is a growing demand for tokens like Stack that provide access to these applications.

Another factor contributing to the coin’s rise in popularity is the growing acceptance of the Stacks blockchain, despite its sluggish price action of late.

Major Traction on DApps

The network has gained significant traction in recent years, with many developers building dApps on top of it. This has helped build a strong ecosystem around the Stacks token, which has led to an increase in demand and price.

Stax (STX) had a 24-hour trading volume of $162,075,090 on Thursday, representing a price decrease of -2.29% over the past 24 hours and a -33.77% decline for the past week. Statistics from Coingecko show that the circulating supply of STX is 1,400,000,000.

Stack is currently ranked 54th among all cryptocurrencies with a market capitalization of $895 million, up 21% over the past 30 days. The ratio of coin volume to market capitalization shows a stable price trend.

STXUSD currently trading at $0.6407 on the daily chart | Chart:

The all-time high for STX was $3.39 on December 1, 2021. The current price is -80.54% lower than the All Time High (ATH) price.

Looking ahead, it is difficult to predict where the price of Stacks token will go.

However, with growing interest in DeFi and a strong ecosystem supporting the Stack blockchain, it is likely that the token will continue to see strong demand and price growth in the future.

Featured Image from Getty Images

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