Stacks (STX) Soars 27% Following Positive Comments from Investor Tim Draper

The price of Stacks (STX) rose by 27% on Wednesday after positive comments from investor Tim Draper. Stacks is a layer 2 network that allows for smart contracts on bitcoin (BTC) and was distributed through the first SEC-qualified token offering in 2019. Draper expressed excitement about Stacks and its potential to move important applications to Bitcoin, comparing it to the trend of Microsoft. Stacks has gained prominence due to the emergence of bitcoin-based NFT projects like Ordinals, with capital locked on the network rising from $7 million to $50 million since the start of the year. The token is currently trading at its highest level since February 2022.

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