STABLE surges 16% to $0.041 as memecoin frenzy drives 167K transactions

STABLE rose 16% to $0.0417, reaching a two-month high, after the StableSwap DEX launch on the Stable network triggered a memecoin frenzy.

The network processed over 167,000 transactions in 24 hours, driven by the launch of the Fefer memecoin, which reached an $11 million market cap, according to on-chain analyst 0xNox.

Derivatives activity accelerated alongside the spot rally. Open interest jumped 28% to $27.3 million, while futures net inflows climbed 526% to $1.05 million, Coinglass data shows.

The RSI climbed to 66, signaling strong buyer control, with the Stochastic Momentum Index also confirming upside momentum. If network usage sustains, STABLE could challenge $0.043 and target $0.05. A fade in speculative demand risks a pullback toward $0.035.

The token's market cap reclaimed the $1 billion mark, rising 16% alongside the price. Trading volume increased 3%, reflecting steady capital flows after a week-long decline. The StableSwap DEX, which went live July 22, was designed to offer deep liquidity and efficient routing for stable asset trading on the Stable chain. Following the transaction spike, the Stable protocol initiated infrastructure upgrades to maintain high-velocity execution, according to the project's X account. Beyond Fefer, additional projects bridged to the network, including Feferz as the first NFT and the FINNY memecoin, further boosting network usage and demand for STABLE.

Speculative demand has historically preceded short-term price pumps in crypto markets, though memecoin-driven rallies carry elevated correction risk. The sustainability of STABLE's move depends on whether network activity remains elevated after the initial launch frenzy subsides.

This article is for informational purposes only and does not constitute investment advice.