STG price jumps over 40% after 8M token withdrawal

The price of Stargate Finance (STG) has surged over 40% after a single address withdrew 8 million STG from Gate.io, EmberCN reported. The on-chain analysis firm explained that following LayerZero's (ZRO) acquisition of Stargate, STG became exchangeable for ZRO at a fixed rate of 1 STG to 0.08634 ZRO. However, the price of ZRO has not risen. EmberCN noted that while ZRO is currently trading at $0.84, which would imply an STG price of approximately $0.07 based on the fixed rate, STG is actually trading at $0.36.