STACKS HITS RECORD HIGH WITH 30% SURGE AFTER UPGRADE AND BTC INCENTIVES

The Stacks (STX) cryptocurrency has witnessed a dramatic surge of over 30%, hitting a record peak following the green light for a significant update to its network.

In recent hours, the value of Stacks (STX) has soared, peaking at an unprecedented $3.65, following a rise from a daily low of $2.75 on March 20, before moderating to $3.36 at press time. This marks a remarkable growth of 125% since the start of the year.

Stacks, recognized for enabling the creation of smart contracts on the Bitcoin blockchain, gained prominence in 2023 amid the frenzy over Ordinal Inscriptions.

Why STX Price Is Soaring?

The surge in STX value is largely attributed to the community and governance’s overwhelming endorsement of the Nakamoto upgrade for the Stacks network.

The Stacks Foundation reported on March 20 that over 2,700 accounts had participated in the vote for the Nakamoto upgrade, with more than 150 million STX tokens, spread across nearly 400 accounts, supporting the proposal.

The Nakamoto testnet is set to launch on March 25, with its mainnet expected to be up and running in the final two weeks of May. This upgrade aims to enhance the speed and security of the network, ensuring the irreversibility of transactions on Stacks to match that of Bitcoin.

The Stacks official site announced that this upgrade will pave the way for swift and cost-effective BTC transactions and comprehensive smart contracts on Stacks’ Layer 2, heralding a new Bitcoin economy.

Stacks co-founder Muneeb Ali announced on March 20 that users could anticipate around $200 million in BTC yields this year, making STX the sole cryptocurrency offering a native BTC yield.

Performance of Other Cryptocurrencies

STX isn’t the only cryptocurrency experiencing significant gains. Ethereum has seen a 12% increase, moving above $3,500, while Solana has risen similarly to $190. THORChain (RUNE) has climbed about 19% to $8.73.

Meme coins have been leading the charge, with Dogecoin up 20% at $0.15, Shiba Inu gaining 11%, FLOKI leaping 42% for the day, and PEPE increasing by 22%.

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