Stacks, Bitget token, Wen record double-digit gains
Stacks (STX) hit 26-month highs as the global cryptocurrency market capitalization sailed past $2 trillion. The price of Bitget Token (BGB) and Wen (WEN) also spiked last week.
Stacks ‘can’t be evil’
Stacks reached its 26-month high recently, as the global crypto market cap surpassed $2 trillion. Trading activity has seen an increase, as observed by the total open interest going up from $55 million to $118 million in just a few days.
At the time of writing, the price of Stacks stands at $2.50, representing a 4.52% decrease in the last 24 hours. Yet, the token is up by over 40% on the weekly timeframe, with a market cap valued at more than $3.5 billion. Stacks is now the world’s 30th-largest cryptocurrency by market capitalization.
As a layer-1 solution, Stacks — originally launched by computer scientists Muneeb Ali and Ryan Shea as Blockstack — uses the STX token for smart contracts and digital asset registration.
The project’s mission is based on internet democratization to reduce the power of major corporations, corresponding to the slogan “can’t be evil.”
Bitget token sees a notable price increase
Bitget token has also witnessed positive price movement this week. At press time, the asset is exchanging hands for 98 cents, representing a 49.3% gain over the past seven days. BGB token has a market capitalization of over $1.3 billion.
BGB was created to serve the purpose of facilitating transactions, paying trading fees at a discount, and incentivizing user engagement on BitGet. Notably, the Bitget token aims to reduce transaction costs through trading fee discounts and provide additional benefits to users within the Bitget ecosystem.
Bitget, founded by Sandra Lou, has strategically appointed Vugar Usi Zade as its Chief Operations Officer. Usi Zade aims to strengthen the project’s expansion into new markets including Latin America, the Middle East, Africa, Southeast Asia, and Europe.
Wen showing strengths
Wen, a Solana-based meme coin, faced challenges two weeks ago when its value plummeted despite a significant token burn.
The token burn, designed to eliminate 27% of the total supply distributed via airdrop, did not yield the expected positive impact immediately.
Wen’s price experienced a sharp decline below $0.0001, attributed to a substantial sell-off. Despite the setback, Wen has shown signs of recovery, with a 121.44% surge over the past seven days.
Despite recent market challenges, Wen continues to attract attention following its airdrop to over a million wallets. The meme coin’s unique approach and recovery indicate resilience in the face of market uncertainties.
