What happened
In today’s cryptocurrency market, most tokens are down drastically alongside equities as concerns around tight monetary policy continuing for longer than expected hit risk assets. However, not all tokens are seeing stark declines today. Bitcoin SV (CRYPTO: BSV) has been in the green today and has been surging all week. This crypto has seen 24-hour gains of 1.8% as of 2 p.m. EST, and it is up more than 7% for the week.
This surge comes amid reports that a Bitcoin SV-powered social platform, Boardz, has been launched. Boardz is the latest application built on top of this blockchain, allowing users to discuss and earn BSV tokens. Early participation has been incentivized with a Rewardz program, which reportedly allows the use of more than 80 BSV to tip users for their posts.
So what
Bitcoin SV is intriguing because it is a fork of the Bitcoin Cash (CRYPTO: BCH) blockchain, which is itself a fork of the original Bitcoin (CRYPTO: BTC) blockchain. Bitcoin SV aims to provide improved scalability and stability while offering a platform for the building of enterprise-level applications, driving interest in the bull case around Bitcoin-based applications.
Thus, the announcement of this online discussion forum launch is notable. Some users have compared this network to Reddit or GameFAQs. Accordingly, there’s interest among the stereotypical crypto crowd on this potential crypto-focused social media platform.
Now what
Early rewards programs are likely to stoke investor interest in everything Bitcoin SV-related, at least for a short while. We’ll have to see if this rally has legs. After all, most tokens in the market remain in a downtrend as risk-off sentiment takes hold.
But the idea of incentivizing content in a way that’s appealing to a target market is compelling. Crypto investors looking for real-world utility clearly like what they see with this launch. How much of an impact this application will have on the success of Bitcoin SV remains to be seen, because adoption of this blockchain continues to pick up in various markets.
That said, this is a crypto I’ve put on my watch list, given the initial interest seen with this application.
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Chris MacDonald has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Bitcoin. The Motley Fool has a disclosure policy.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
