Following the launch of Sui this morning, the blockchain's native token is down by over 40%—making it one of the worst-performing cryptocurrencies in the past day.
The highly-anticipated, layer-1 blockchain platform developed by ex-Meta (formerly Facebook) engineers is now available on a number of major exchanges.
At the time of writing, SUI was trading for $1.26, according to CoinGecko. At the time of the launch, it was priced at $2.16.
But which tokens are doing well today? In the past 24 hours, major digital assets like Bitcoin and Ethereum are down.
Others, like Stacks, are doing well. STX, the native token powering the Bitcoin-adjacent Stacks blockchain, was up 12% in the past 24 hours, trading hands for $0.79 at the time of writing.
Stacks Token Soars 130% on the Week Amid Bitcoin NFT Hype
STX, the native token powering the Bitcoin-adjacent Stacks blockchain, has gained 19% overnight, according to data from CoinGecko. At press time, STX is changing hands at roughly $0.70, slightly lower from its 180-day high of $0.75, reached earlier today. On a weekly note, STX is up a whopping 132%. The weekly gains not only handed hefty profits to short-term holders but also helped the coin regain its billion-dollar market capitalization. Bitcoin NFTs Are Emerging on Stacks. Can They Thrive? De...
The jump in value comes as hype around Bitcoin Ordinals grows: activity around the latest crypto craze is surging. Similar to non-fungible tokens (NFTs), Ordinals are digital assets inscribed on the Bitcoin blockchain.
Stacks is built on top of Bitcoin; it allows developers to build and deploy smart contracts secured by the original network.
Other than STX, Rocket Pool (RPL) is also up—by 7.5%—and trading for $50.27. The asset allows investors to stake the second biggest cryptocurrency Ethereum via its decentralized pool. Rocket Pool runs a liquid staking protocol, giving depositors Rocket Ethereum (rETH) in exchange for the ETH they deposit.
Interest in staking has surged (especially via decentralized pools) since Ethereum moved to a proof-of-stake blockchain last year. This now means that holders of ETH can earn rewards by "locking-up" the cryptocurrency to keep the blockchain running smoothly.
