Why did Stargate Finance (STG) rose over 98% in a week?

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 Why did Stargate Finance (STG) rose over 98% in a week?
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Highlights:
  • Stargate Finance is an interoperability application that enables fund transfer between various blockchains.
  • The STG token is available on various major crypto exchanges like Bybit, FTX, etc.
  • The token gave a return of 98.49% over the past seven days.

The rally in the global crypto market paused in early Wednesday but stayed above the US$2 trillion mark. Meanwhile, its one-day total crypto volume rose 4.09% to US$123.26 billion.

Even though the major cryptocurrencies, Bitcoin (BTC) and Ethereum (ETH), both traded flat, some gainers have attracted the investors' attention.

Stargate Finance (STG) crypto is one of them, and it has been rallying for the past week.

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What is Stargate Finance (STG) crypto?

Stargate Finance is an interoperability application that enables fund transfer between various blockchains.

The community-driven platform is reportedly creating the first exclusively composable native asset bridge and the first decentralized application created on LayerZero.

Additionally, the decentralized applications (DApps) could transfer native assets cross-chain through Stargate Protocol while accessing its unified liquidity pools. The STG token is available on various major crypto exchanges like Bybit, FTX, KuCoin, etc.

Also Read: Why is Flux (FLUX) crypto rising?

Why is it rising?

There could be various reasons that may have triggered the recent rally of the STG token. Given the robust gains, it can be considered one of the fastest-growing cryptos.

Stargate started its token auction on March 17, selling 100 million STG tokens that sold out almost instantaneously. They auctioned 10% of the total token supply of the STG tokens to raise around US$25 million USDC.

Notably, the sole purchaser of all the tokens was Alameda Research, reflecting how the project has attracted the interests of Venture Capital (VC) firms.

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Meanwhile, the developers had to reallocate tokens to the users who missed out on the auction event. These incidents could have created hype about the project among the investors.

In addition to that, as of March 26, the company had US$3 billion in total value locked (TVL). Talking about its listings, it announced FTX and BYBIT listings on March 25. These developments could have triggered the recent rally of the STG tokens.

Also Read: Why is DexTools (DEXT) crypto rising? Volume up 700%

Stargate Finance (STG) crypto price and performance                                                                    Source: *Data provided by CoinMarketCap.com

Bottom line:

The STG token was priced at US$3.24 at 5:30 am ET on March 30, up 20.78%, while its volume for the last 24 hours jumped 16.14% to US$55.18 million. Its fully-diluted market capitalization is US$3.24 billion.

The token's max and total supply are 1 billion. The token returned 98.49% over the past seven days, and 69.13% over the past 30 days.

Also Read: What is Dripto (DRYP) crypto and why is it rising?

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