Amidst the slumpy market conditions, StakeLayer has surged by over 250%, alongside Thala and Dream Machine Token, which experienced double-digit gains.

The crypto market cap has dropped by over 1.5% in the last 24 hours, currently standing at $2.17 trillion. Bitcoin is experiencing a downturn alongside Ethereum, with both bleeding in single digits. However, the StakeLayer token has surged by over 250% during the same period.

StakeLayer Market Cap Eyes $50 Million

Data from CoinGecko reveals interesting price movements for StakeLayer’s token, a cross-chain staking and restaking platform. The token has pumped from a 24-hour low of $0.00344 to a high of $0.01489.

The rally has cooled down, with the token trading at $0.01299 at press time. StakeLayer also touched an all-time high today but is down by over 27% from that peak. The token has earned its spot as the largest gainer on CoinGecko in the last 24 hours. A look at their X account reveals that the team announced a buyback and burn initiative, which could be a reason for the price surge.

Announcing that Buyback and Burn Initiative has Begun, with $STAKELAYER surging over +350% in just 24 hours! At StakeLayer, we are committed to building long-term value and stability. Stay tuned as we continue to deliver on our vision and strengthen the ecosystem!

Thala and Dream Machine Token Surge Double Digits

Interestingly, during the same timeframe, Thala (THL) and Dream Machine Token (DMT) surged by double digits. According to CoinGecko data, THL price is up by over 18.5%, while DMT has pumped by 20%.

While the exact reason for DMT’s price surge remains unclear, THL’s price surge can be attributed to the price pump of Aptos. Thala Labs is an ecosystem protocol that aids in borrowing, lending, trading, staking, and validating APT.

The recent surge in APT’s price, which saw it touch as high as $10.27 from a weekly low of $7.87, is likely the primary catalyst for the increase in THL’s price. THL is up by over 71% in the last 30 days.

The token has also shown a decent surge in the last week, with its price reaching as high as $0.6354 from a low of $0.4228.

For more updates on the latest trends and movements in the cryptocurrency market, stay tuned to Global Crypto News.

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