Stacks (STX) price was performing very well till the 2nd of March but the last 7 days was brutal for the token. The price of STX dropped with a resounding 37% which seriously affected the super gains it made during the last 30 days. 

STX price in the last 30 days

This week was not favorable for most coins but Stacks losses were very noticeable. So to begin with, lets start with what Stacks is.

What is Stacks?

Stacks is a layer 1 blockchain that enables the use of smart contracts, DeFi, dApp and NFTs on the Bitcoin blockchain. Stacks is linked to Bitcoin with a consensus mechanism called 'Proof of Transfer' which enables Stacks to leverage Bitcoin’s security and enables Stacks apps to use Bitcoin’s state.

Stacks (STX)

Stacks has its own native token called STX. It was the first-ever token that received approval form the SEC back in 2019. STX currently has a circulating supply of 1,400 million and a predefined future supply of 1,818 million which will be reached in 2050.

The token has an all-time high price of $3.39 which was back in 2021 and an all-time low price of $0.04559639 which was in 2020. STX currently has a market cap of $842,539,472 and ranked #54 due to this. 

Stacks Currently

Stacks popularity has increase recently as people start utilizing its NFT, dApp and DeFi capabilities of the platform more. And I think this will increase in the future. The arrival of the 'Ordinals Protocol', which created a better way of utilizing the Bitcoin Blockchain for NFT and smart contracts implementation, and Stacks making it possible to mint Bitcoin Ordinals on its platform really helped drive up the price of STX.   

But the last 7 day was unfavorable for most coins and STX was no different. The 37% loss definitely affected the triple digit gains it made in the last 30 days. But it is my belief that the network's traction will continue for the foreseeable future as the platform is favored by a lot of developers.   

So what are your thoughts on Stacks?...... Let me know in the comment section.

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Disclaimer

I am not a financial advisor. The information found here are for educational purposes and cite my personal opinion.