Over the weekend, STP Network, currently ranked #349 by market cap, experienced a massive 47% price pump on Sunday.
This rapid surge in value was accompanied by a significant uptick in on-chain activity, signaling heightened interest from investors.
📊 #349 market cap @stp_network saw a massive +47% pump Sunday, and on-chain behavior went bananas shortly after.
Typically, these spikes in address activity and whale transactions suggest profit taking from key stakeholders, considering their timing in the first hours after the… pic.twitter.com/abfZt9hKku
— Santiment (@santimentfeed) September 17, 2024
Within just one hour of the pump, 91 active addresses were recorded—the highest since September 2023. Additionally, there were nine whale transactions valued at over $100K each, the most seen since January 2024. This sudden increase in whale activity and address involvement is often a strong indicator of profit-taking by large stakeholders, especially in the hours following a price spike. Such behavior is common in altcoins outside of the top 100, where volatility often leads to quick movements from key players.
Major Announcement From STPÂ
Interestingly, this surge in activity followed a major announcement from STP Network. The platform recently introduced several groundbreaking projects that have applied for their STP Grants Program Season 1. These teams are focused on combining Gaming and AI, and are excited about the potential they hold within the STP ecosystem. The projects are expected to have a significant impact on both the network and the broader crypto space, driving further attention to the STP Network.
🚨💸 We’re excited to introduce incredible projects who have applied for the STP Grants Program Season 1!
These innovative teams are pushing the boundaries of Gaming + AI, and we’re thrilled at their potential impact in our ecosystem and vice versa. Check this thread out to…— STP (@STP_Network) September 13, 2024
With these innovative developments on the horizon and a surge in investor activity, STP Network is attracting attention as a potential up-and-comer in the altcoin market. Whether this momentum will continue remains to be seen, but the network’s growth and new projects are clearly making waves.
Disclosure: This is not trading or investment advice. Always do your research before buying any Metaverse crypto coins.