Stacks (STX) price soars as inscriptions spike transactions

12:27 am
December 19, 2023

**Stacks (STX) Price Surges by 16% as Transactions Spike**

The price of Stacks (STX) has witnessed a remarkable surge of 16% over the last 24 hours, reaching levels not seen since March. Stacks, a layer 2 network for smart contracts built on Bitcoin, experienced a notable spike in inscriptions, with a single block recording over 10,000 transactions.

According to market data from CoinGecko, the price of Stacks rose as high as $1.19 across major exchanges. Its market cap also rose above $1.7 billion, reaching levels last seen earlier this year. This surge in Stacks’ price stands out amidst the broader losses experienced across alternative coins, with Bitcoin (BTC) hovering near $41,000.

The surge in transactions and inscriptions for Stacks can be attributed to a recent craze for inscriptions, which are essentially metadata embedded onto satoshis, the smallest unit of Bitcoin. The popularity of these inscribed texts, images, and other metadata, such as NFTs on Bitcoin, has notably increased amid the sharp rise in Bitcoin’s price.

The surge in transactions for Stacks was evident with a single block recording over 10,000 transactions in a 24-hour period on Sunday and early Monday. This represents the highest number of transactions in a single Stacks block to date.

Muneeb Ali, the co-founder of Stacks, acknowledged the significant increase in transactions, attributing it to the heavy minting by Bitcoin enthusiasts. The surge in transactions correlates with Stacks’ L2 solution, which not only enables smart contracts, NFT capabilities, and DeFi opportunities, but also facilitates increased transaction speed and reduced fees.

As a result, the price of Stacks (STX) has seen a substantial increase, reflecting the network’s growing utility and adoption amidst the evolving cryptocurrency landscape.

**FAQs**

**What is Stacks (STX)?**
Stacks is a smart contracts enabled layer 2 network that aims to unlock the Bitcoin economy by providing various functionalities such as smart contracts, NFT capabilities, and decentralized finance (DeFi) opportunities.

**Why did the price of Stacks (STX) surge by 16%?**
The surge in Stacks’ price can be attributed to a significant spike in inscriptions and transactions on the network, which was driven by the increasing popularity of inscribed texts, images, and other metadata, particularly amid the surge in Bitcoin’s price.

**Who is Muneeb Ali?**
Muneeb Ali is the co-founder of Stacks, and he has been actively involved in the development and growth of the network’s capabilities.

**What are the benefits of Stacks’ L2 solution?**
Stacks’ layer 2 solution offers increased transaction speed and reduced fees, along with enabling smart contracts, NFT capabilities, and DeFi opportunities.


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