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STX rallies 42% as social activity and OI soars

stx-rallies-42-as-social-activity-and-oi-soars
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STX rallies 42% as social activity and OI soars

Stacks (STX) has emerged as the top gainer among the top 100 assets. Data shows an impressive rise in the asset’s social activity and open interest (OI).

STX is up by 42% in the past 24 hours and is trading at $1.21 at the time of writing. The asset’s market cap surged to $1.71 billion, making it the 40th-largest cryptocurrency. The daily trading volume of the Stacks token rallied by 615%, surpassing the $900 million mark.

STX rallies 42% as social activity and OI soars - 1
STX price, open interest and social volume – Dec. 5 | Source: Santiment

According to data provided by the market intelligence platform Santiment, STX’s social volume recorded a 90% surge over the past day. Most of the social activity around the asset comes from X, Telegram and Reddit, per Santiment.

Moreover, the total OI of the Stacks token registered an 83% rally in the past 24 hours. According to the market intelligence platform, STX’s total OI rose from $53.9 million on Dec. 4, to $98.8 million at the reporting time.

Santiment data shows that the total funding rate aggregated by Stacks has been constantly declining over the past two days. STX’s total funding rate still suggests the domination of long-position holders, currently standing at 0.02%, until further price movements happen. 

Despite the recent rise, STX is still down by 66% from its all-time high of $3.6 on Nov. 16, 2021.