StakeLayer up by over 250% amidst market downturn: DMT and THL up by double digits

Despite the overall slump in the crypto market, StakeLayer has experienced a remarkable surge of over 250%, along with Thala and Dream Machine Token, which also posted significant gains.

As of now, the total crypto market cap has fallen by more than 1.5% in the last 24 hours, currently standing at $2.17 trillion. Bitcoin and Ethereum are both experiencing minor declines, but StakeLayer’s performance stands in stark contrast, showcasing its impressive growth during this period.

Stakelayer market cap eyes $50 million with the pump

Data from CoinGecko shows notable price fluctuations for the token of the cross-chain staking and restaking platform. It has surged from a 24-hour low of $0.00344 to a high of $0.001489, highlighting significant volatility in its trading activity.

The rally has since cooled, with the token currently trading at $0.01299, having previously reached an all-time high today before dropping over 27% from that peak. StakeLayer has secured its position as the largest gainer on CoinGecko in the last 24 hours. The team announced a buyback and burn initiative on their X account, which may have contributed to the recent surge in price.

Thala and Dream Machine Token surge double digits

Interestingly, during the same timeframe, Thala (THL) and Dream Machine Token (DMT) also experienced double-digit gains. According to CoinGecko data, THL’s price is up by over 18.5%, while DMT has surged by 20%.

While the exact cause for DMT’s price increase remains unclear, THL’s rise can be linked to the upward momentum of Aptos (APT). Thala Labs functions as an ecosystem protocol that supports borrowing, lending, trading, staking, and validating APT.

The recent surge in APT’s price, which reached a high of $10.27 from a weekly low of $7.87, is likely the main catalyst for THL’s rise. Over the last 30 days, THL has increased by more than 71%.

In the past week, the token has also shown strong performance, with its price climbing from a low of $0.4228 to a high of $0.6354.