Recently, the meme trading has completely crashed, with a 40% drop in seconds after going to the restroom. In contrast, the fully circulated old coins on Binance are starting to rise. I will share my research ideas on old coins, throwing out bricks to attract jade, and I welcome corrections from everyone.

Last Thursday, I built a position in Bitcoin ecosystem value coin $STX at 1.91, currently up 20% in spot profit.

$STX landed on Binance in 2019; Stacks is the market leader in the Bitcoin L2 sector.

Tokens have been fully unlocked, achieving full circulation, market value of 3.4 billion USD, current price 2.31 USD

🚀 Technical analysis

1) Upward trend: higher highs and higher lows, a perfect upward trend according to Dow theory

2) Fibonacci: Since November 2022, the upward trend from the lowest point has now retraced to the 0.786 key support level, and a bottom is clearly forming.

3) Sideways adjustment: Since July 2024, it has started a sideways adjustment, washing out for more than 4 months (133 days).

The technical indicators show: there is no doubt about the upward trend, an outbreak requires the cooperation of public opinion hotspots.

🌋 Fundamental analysis

1) Sector leader: The largest market cap Bitcoin L2 has completed the latest Nakamoto upgrade, significantly improving computing power.

2) User growth: New users in October increased by 197% month-on-month, developer life growth increased by 51%.

3) Growth potential: The upcoming launch of sBTC v1 can stimulate billions of dollars in existing Bitcoin assets to enter the DeFi ecosystem, enhancing company profit growth.

✅ What I worry most about in the crypto space is that after the company unlocks, they completely rest on their laurels and do nothing.

Over the weekend, I researched @Stacks and saw that they hired Algorand Labs, Chief Technology Officer Adriano Di Luzio has joined Stacks, and allocated 20 million USD to build the core development of Stacks. My initial feeling is that they will not rest on their laurels and will continue to build, which is good for investor confidence.

Data source:

https://x.com/andrerserrano/status/1854589697508446399

https://x.com/_nottim/status/1854583241568579621

✅ Summary

🔹 In any financial market, behind any coin/stock there are market makers. For retail investors to make money, it is more important to follow the trend: buy at lows, hold during fluctuations, and sell at highs is the right way.

🔹 Fully circulated, unlocked, yet still under construction in the crypto space, this project is a relatively good target in the secondary market. Everyone can follow this idea and broaden their horizons to search more.

This article serves as a starting point for discussion; everyone is welcome to criticize and correct, and let's research and make money together.

Note: The attached image is my research K-line chart from the beginning of the month. With a bit of luck, knowledge and action aligned, but unfortunately, I bought too little.

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