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<p class="is-style-lead">Amidst the slumpy market conditions, StakeLayer has surged by over 250% alongside Thala, Dream Machine Token, which surged by double digits.</p> 
<p>The crypto market cap has dropped by over 1.5% in the last 24 hours. As per <a href="https://coinmarketcap.com/" target="_blank" rel="nofollow">CoinMarketCap data</a>, it currently stands at $2.17 trillion.</p> 
<p>Bitcoin (<a href="https://crypto.news/price/bitcoin/" target="_blank">BTC</a>) is bleeding alongside Ethereum (<a href="https://crypto.news/price/ethereum/" target="_blank">ETH</a>) in single digits. However, the Stakelayer token is up by over 250% during the same period.</p> 
<h3 class="wp-block-heading" id="stakelayer-market-cap-eyes-50-million-with-the-pump">Stakelayer market cap eyes $50 million with the pump</h3> 
<p>Data from CoinGecko reveals interesting price movement for the cross-chain staking and restaking platform’s token. The token has pumped from a 24 hour low of $0.00344 to a high of $0.001489.</p> 
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 <img loading="lazy" decoding="async" width="1024" height="772" src="https://crypto.news/app/uploads/2024/10/chart-1024x772.png" alt="StakeLayer up by over 250% amidst market downturn: DMT and THL up by double digits - 16" class="wp-image-14303441">
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  Chart taken from <a href="https://www.coingecko.com/en/coins/stakelayer" target="_blank" rel="nofollow">CoinGecko</a>
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</figure> 
<p>The rally has however cooled down as the token is trading at $0.01299 at press time. StakeLayer also touched an all time high today and is down by over 27% from that high.</p> 
<p>The token has also earned its spot as the largest gainer on CoinGecko in the last 24 hours. A look at their X account reveals that the team had announced a buyback and burn initiative, which could be one reason for its price surge.</p> 
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  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr">🚨 Announcing that Buyback and Burn Initiative has Begun, with $STAKELAYER surging over +350% in just 24 hours! 📈<br><br>At StakeLayer, we are committed to building long-term value and stability.<br><br>Stay tuned as we continue to deliver on our vision and strengthen the ecosystem! 💪🌐 <a rel="nofollow" href="https://t.co/Xb3QqlrayT" target="_blank">pic.twitter.com/Xb3QqlrayT</a></p>— StakeLayer (@StakeLayerIO) <a href="https://twitter.com/StakeLayerIO/status/1845461042198896791?ref_src=twsrc%5Etfw" target="_blank" rel="nofollow">October 13, 2024</a>
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  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
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<p> Read more: <a rel="" href="https://crypto.news/aptos-surges-20-percent-24-hours-6-month-high/"> Aptos surges 20% in 24 hours, open interest reaches 6-month high </a> </p> 
<h3 class="wp-block-heading" id="thala-and-dream-machine-token-surge-double-digits">Thala and Dream Machine Token surge double digits</h3> 
<p>Interestingly, during the same timeframe, Thala (THL) and Dream Machine Token (DMT) surged by double digits. As per CoinGecko data, THL price is up by over 18.5%, while DMT has pumped by 20%.</p> 
<p>Even though the exact reason for the surge in DMT’s price is unclear, THL’s price surge can be attributed to the price pump of Aptos (<a href="https://crypto.news/price/aptos/" target="_blank">APT</a>). Thala Labs is an ecosystem protocol that aids in borrowing, lending, trading, staking and validating APT.</p> 
<figure class="wp-block-image size-large">
 <img loading="lazy" decoding="async" width="1024" height="772" src="https://crypto.news/app/uploads/2024/10/chart-1-1024x772.png" alt="StakeLayer up by over 250% amidst market downturn: DMT and THL up by double digits - 17" class="wp-image-14303443">
 <figcaption class="wp-element-caption">
  Chart from <a href="https://www.coingecko.com/en/coins/thala" target="_blank" rel="nofollow">CoinGecko</a>
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</figure> 
<p>The recent surge in APT’s price, which saw it touch as high as $10.27 from a weekly low of $7.87, is likely the primary catalyst for the surge in its price. THL is up by over 71% in the last 30 days.</p> 
<p>The token has also shown a decent surge in the last week, with its price touching as high as $0.6354 from a low of $0.4228.</p> 
<p> Read more: <a rel="" href="https://crypto.news/btc-reserves-plunge-all-time-low-fundamentals-strong/"> Bitcoin reserves on exchanges plunge to all-time low, fundamentals remain strong </a> </p>

StakeLayer up by over 250% amidst market downturn: DMT and THL up by double digits

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