In the midst of challenging market conditions, StakeLayer has experienced a remarkable increase of over 250%, alongside Thala and Dream Machine Token, which also saw significant gains in the double digits.
The overall cryptocurrency market capitalization has declined by more than 1.5% in the past 24 hours, currently totaling $2.17 trillion, according to CoinMarketCap data.
Bitcoin has decreased by 1.98%, while Ethereum has dropped by 2.47%. Despite this downturn, the StakeLayer token has surged by over 250% during the same timeframe.
The market capitalization of StakeLayer is now approaching $50 million following this surge. Data from CoinGecko indicates notable price fluctuations for the token associated with the cross-chain staking and restaking platform, which rose from a 24-hour low of $0.00344 to a peak of $0.001489.
The rally has somewhat diminished, with the token currently trading at $0.01299. StakeLayer reached an all-time high today but has since decreased by more than 27% from that peak.
In the past 24 hours, the token has secured its position as the top gainer on CoinGecko. According to their X account, the team has revealed a buyback and burn initiative, which may have contributed to the recent price increase.
🚨 The Buyback and Burn Initiative is now underway, with $STAKELAYER experiencing a surge of over +350% in just 24 hours! 📈
At StakeLayer, we are dedicated to fostering long-term value and stability.
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