If your daily routine includes staring at token prices from the moment you wake up and every 5 mins until bedtime, then I assume you’re scratching your head just like I’ve been doing the last 2 weeks.
We’re seeing some tokens pumping, but why?! Overall, there are no positive macro/micro-economic reasons to hang our hat on, plus we have the pesky SEC chomping at the bit to takedown everything they can.
So what gives? Well there might be an answer to one pump with a plausible reason behind it.
Whether you hate it or love it, Bitcoin NFTs are all the rage thanks to the Ordinals Protocol, and Stacks (STX) is the reason behind why this new functionality on Lightning Network actually works.
Bitcoin was originally designed for one thing — — secure and decentralized monetary exchanges. And it does it VERY well.
On the other side, chains such Ethereum, Solana, Binance Smart Chain, Arbitrum, and so on, have lots of untapped utility, and can provide solutions for a number of use cases. Developers deploy smart contracts/dApps to build on top of these chains in order to increase the utility of that chain for their users (DeFi, NFT’s are essentially all powered by smart contracts).
Enter in Stacks, circa 2019. Seeing how chain utility was becoming the norm amongst the competition, Stacks came along to provide a Lightning Network-connected secondary layer for developers to build dApps on top of. Thus the advent of Bitcoin NFTs from Ordinals proved to be the driving force for Stacks to start pumping again.
And two bonuses, Stacks is SEC-approved AND not considered a security.
Price as of this writing is under $1 per token with highs and lows shown below. As always, do your own research, but perhaps it’s time to take another look at this little gem’s comeback.
Written by: nikethereum.eth / Medium / Mirror