Stacks (STX) and Pyth Network (PYTH) Prices Pumping – Here’s Why

The prices of Stacks (STX) and Pyth Network (PYTH) tokens have seen massive pumps lately, with both surging over 20% in the last 24 hours. According to the latest price data from CoinMarketCap, Stack’s price is currently $3.09, up 21.94% over the past day, while Pyth Network’s price sits at $0.697340, up 26.56% in the same timeframe.

Stacks (STX) Price Surge

As noted by BitcoinApe on X (formerly Twitter), the 100% ROI on STX in less than 30 days is now complete, with the coin breaking past the $2.9 resistance level with a bullish engulfing candle. The token reached a new two-year high by hitting the $3.1 price point. The $2.9 resistance level proved difficult previously, only being breached on the fourth attempt.

STX is now coming close to its former all-time high price of $3.39. The coin has witnessed remarkable growth over the past three months, including in its total value locked (TVL) and market capitalization. As the Bitcoin halving event draws nearer, BitcoinApe expects STX to demonstrate even more bullish price activity.

Additionally, crypto analytics firm LunarCrush highlighted on X that STX has seen the largest surge in social activity over the past year out of all assets, with interactions rising nearly 16,000%. This aligns with growing excitement around Bitcoin Layer 2 solutions, which STX also operates on. Specific social metrics for STX have skyrocketed over the past year, including posts (+4,149.4%), creators (+1,844.5%), and social dominance (+198%) across all cryptocurrencies.

Pyth Network (PYTH) Developments

The Pyth Network also released a price feed for STG/USD, where STG tokens power the Stargate Finance liquidity transport protocol. The Pyth STG/USD price feed is now available on over 50 different blockchains for developers to leverage in their decentralized applications (dApps).

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Furthermore, in a retrospective token airdrop, the Pyth Network distributed over $160 worth of PYTH tokens to more than 160 dApps powered by Pyth across 27 different chains. This expanded reach was not just aimed at DeFi participants but also to additional members of the Pyth community.

Most recently, the Pyth Network launched a collaboration with Hedera Hashgraph to offer over 400 Pyth price feeds on the Hedera public ledger. This grants Hedera developers access to real-time pricing data to secure their DeFi apps on the network.

The ongoing traction and integration of both the Stacks and Pyth Networks continue fueling the strong upside price momentum for their respective STX and PYTH governance tokens. With bullish sentiment around Bitcoin and Layer 2 scaling solutions, coupled with the steadily growing ecosystem adoption, the price outlook remains positive for both digital assets.

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Samuel Munene
Samuel Munene

Samuel is a vesatile and seasoned content editor with a sharp eye for detail and a passion for writing. Web3 techonology is the future! With massive experience in the publishing industry, I specialize in refining and enhancing written material to ensure clarity, coherence, and engaging narratives.