Stacks STX/USD Token Soars Over 250% in the Last Week, Joining Bitcoin BTC/USD's Biggest Gainers

STX/USD, a Bitcoin BTC/USD Layer-2 token, has witnessed a significant spike over the last week, joining some of the market's biggest gainers.

Stacks STX/USD, a Bitcoin BTC/USD Layer-2 token, has witnessed a significant spike over the last week, joining some of the market's biggest gainers.

What Happened: STX soared over 25% to become the third-most successful cryptocurrency in the last seven days. The gains widened after an 8% uptick on Monday.

STX's trading volume soared 82% to $214.47 million in the last 24 hours, implying significant buying pressure.

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The STX rally followed Bitcoin's second straight day of gains, which was breaking out of weeks of range-bound price action. In the last week, Bitcoin gained 3%.

STX is the native coin of Stacks, a layer-2 solution that helps the development of decentralized applications on the Bitcoin blockchain. Put simply, it helps unlock Bitcoin's DeFi use cases. Some refer to it as “Bitcoin sidekick.”

Additionally, stablecoin supply on STX reportedly jumped 300% in the first quarter, higher than Solana SOL/USD and the third-highest among all blockchains.

stablecoin supply on stacks increased by over 300% in Q1 - ranking it #3 among all networks for stablecoin growth.stablecoin liquidity plays a crucial role in driving chain growth, and stacks is rapidly positioning itself at the forefront. pic.twitter.com/yPnrv8SkI

— DeFi informant (@DeFiinformant) April 24, 2024

The Wolf Of All Street spotted a “big buy” signal for STX on the daily chart, adding that volumes have hit levels last seen in February.

$STXBig buy signal on the daily. Highest volume since February with 10 hours left on the candle. spotted this on the 1W chart too, but didn't post it. Still 50/50 if itll break even on the 1W chart as volume is lower. But either way, FOMO into the green candle for STX!

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— The Wolf Of All Street (@scottmelker) May 7, 2024

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