The price of STPT touched the highest level since July 8 this year. It rose to $0.084, which is about 217% higher than the June low of this year. According to CoinGecko, the coin has a market capitalization of over $102 million, making it the 263rd largest coin in the world.
What is STPT and why is it increasing?
STP stands for Standard Tokenization Protocol. It is a protocol that enables developers to build quality Decentralized Autonomous Organizations (DAOs). Its flagship product is Versus Networks, which provides a full suite of native tools and infrastructure products that facilitate efficient decentralized decision making for users and organizations.
The Versus Network can handle over 5,000 transactions per second with extremely low gas charges. It also has Ethereum Virtual Machine (EVM) compatibility features. STPT is the base token for the coin. It is a governance token which is also a medium of exchange for the network.
According to its developers, the value of applications created in the STP network is more than $5 billion. These include apps in industries such as DeFi, NFTs and decentralized storage networks.
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It is not clear why the STPT price has performed well in the past few days. One possible reason is that some investors believe the network will attract more users following the merger with Ethereum later this week. This merge will transform Ethereum from a proof-of-work (PoW) to a proof-of-stake (PoS) platform. This will then set the stage for future upgrades making it much faster.
STPT Price Prediction
The daily chart shows that the price of STPT turned parabolic on Monday as demand for the coin increased. The coin reached a high of $0.0842, the highest level since July 8. As it rose, it moved above the 25-day and 50-day moving averages. At the same time, MACD moved slightly above the neutral point.
As shown, this is not supported by the rebound volume. Hence, there are chances that the coin will resume bearish trend as sellers target the next major support level at $0.060. A move above the $0.085 resistance will invalidate the bearish view.