{"id":566572,"date":"2023-12-22T13:30:14","date_gmt":"2023-12-22T13:30:14","guid":{"rendered":"https:\/\/ktsl888.com\/?p=566572"},"modified":"2023-12-22T12:46:25","modified_gmt":"2023-12-22T12:46:25","slug":"social-frenzy-stacks-stx-hits-8-month-high-but-it-unveiled-an-intriguing-twist","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/social-frenzy-stacks-stx-hits-8-month-high-but-it-unveiled-an-intriguing-twist\/","title":{"rendered":"Social Frenzy: Stacks (STX) Hits 8-Month High, But It Unveiled An Intriguing Twist"},"content":{"rendered":"
In contrast to the majority of cryptocurrencies, which began the week on a downward trajectory, Stacks (STX) deviated from the prevailing trend and registered gains.<\/p>\n
Stacks Network’s native token, STX, had a strong 600% increase in 2023. Stacks is a noteworthy 2019 SEC-qualified token that functions as a layer-2 Bitcoin protocol for smart contracts.<\/p>\n
Stacks has been the talk of the cryptocurrency community lately, receiving a lot of attention on social media. The altcoin’s market value has experienced a notable upswing, having reached a new eight-month high, concomitant with this rise in social volume.<\/p>\n
STX’s price has increased by more than 30%<\/a> in the last week, which has been an impressive rise. This increase in social media mentions and the price gain that followed highlight the rising attention and involvement that Stacks is getting, pointing to increased excitement and hope among investors and the cryptocurrency community as a whole.<\/p>\n Furthermore, in the last few hours, the Bitcoin scaling solution minted its first STX-20. The inscription caused a spike in network activity that led to a sharp rise in transactions and brief network congestion.<\/p>\n The upsurge coincided with the excitement surrounding Bitcoin Ordinals<\/a> and BRC-20. The average transaction amount experienced a record increase earlier this month, rising from $5 to $7.<\/p>\n Because more users were etching non-financial data onto the Bitcoin blockchain, there was an increase in demand for block space, which contributed to the growing transaction costs.<\/p>\n The token’s price has been steadily rising for the past month,<\/a> which has encouraged more social contact among members of the cryptocurrency community.<\/p>\n Meanwhile, on-chain data provider Santiment cautioned in a recent post on X (formerly Twitter) that excessive social media activity frequently leads to “fear of missing out” (FOMO) buying.<\/p>\n \ud83d\udde3\ufe0f #Solana<\/a> (+13%), #Stacks<\/a> (+23%), and #NEARprotocol<\/a> (+17%) are the top trending assets, according to rising social volumes. In each case, when there is mainstream talk at this level, #FOMO<\/a> will create price tops. If holding any, take a cautious approach. https:\/\/t.co\/bb3O2lFJd1<\/a> pic.twitter.com\/oMnVvAI0ea<\/a><\/p>\nSTXUSD currently trading at $1.3283 territory. Chart: TradingView.com<\/a><\/pre>\n
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