Ticker: STX
Category: Platform, Defi, Smart Contract
Market capitalization: $845,471,747(52nd place)
Circulating Supply: 75%
STX's recent pump of approximately 87% in the last 24 hours has caught many off guard. But what has caused this sudden rise in the token's value? I did some digging to find out.
First, let's take a quick look at what STX is. Stacks Coin (STX) is a token that is used for earning Bitcoin through a unique staking process. Investors can earn STX by staking Bitcoin, and then earn Bitcoin by staking STX.
So what are the factors behind STX's recent surge in value? Here are three potential reasons:
1. SEC Approval: STX is the first cryptocurrency to receive approval from the U.S. Securities and Exchange Commission (SEC) as a non-securities coin. While many investors are unsure of which altcoins will be impacted by SEC regulations, STX is seen as a relatively safe option. This has led to increased investment in the token.
2. Correlation with Bitcoin: Since STX is used to earn Bitcoin, the token's value is closely tied to that of Bitcoin. Despite Bitcoin's recent rebound, STX had not moved as much as Bitcoin until now. However, as Bitcoin's value continues to rise, investors are looking to STX as a way to earn more Bitcoin. This has led to increased demand for STX.
3. Ecosystem Potential: Unlike other platforms such as Ethereum and Solana, STX aims to expand the Bitcoin ecosystem with smart contracts based on Bitcoin. The token has seen success as an ecosystem and investors are hoping for more positive results in the future.
As always, it's important to check the coin distribution. While there is no information about the Vesting (lock-up release schedule), the fact that the current distribution volume is 75% suggests that there is no concern about dumping lock-up releases. While STX's sudden surge may have surprised many, it's clear that the token's unique staking process and potential as a platform have caught the attention of investors.
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