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Stacks STX Soars 27% Amid Positive Comments From Tim Draper

source-logo  cryptonews.net 21 December 2023 13:16, UTC

Stacks (STX), the native token of the Stacks Network, jumped 27% on Wednesday following a series of positive comments from legendary investor Tim DRAPER. Stacks is a layer 2 network designed to run smart contracts on Bitcoin (BTC). The token was distributed through the first ever SEC-qualified token offering in 2019.

Tim Draper said in an interview with CoinBureau:

“I’m really pretty excited about Stacks. Most of what I’ve been investing in have been things that start to move the important applications over to Bitcoin. So I think that’s a really interesting trend and we’re thinking it’s going to go the way Microsoft did.”

Earlier this year, Draper said he expected Bitcoin to reach $250,000 by 2025. Stacks’ popularity has grown throughout the year following the emergence of Bitcoin-based NFT projects such as Ordinals. According to DefiLlama, since the beginning of the year, the amount of capital locked in Stacks has grown from mln to $50 mln. The token, which traded at $0.21 at the start of the year, is currently worth $1.48, its highest level since February 2022, according to CoinDesk data.

Image: Novum Insights