- Stellar hints at a significant announcement, driving its native token’s price.
- Elon Musk’s potential involvement with Stellar (XLM) remains a topic of widespread speculation.
In light of our recent post on Ripple (XRP) Rival Stellar (XLM), Stellar’s recent tweet coupled with Coin Telegraph’s latest news, has stirred excitement in the cryptocurrency community. A tweet from Stellar (@StellarOrg) suggested an imminent and “cool” revelation. This mysterious announcement has fueled anticipation, pushing Stellar’s native token, XLM, to confidently surpass the $0.12 benchmark, distinguishing it from other major cryptocurrencies.
Change is in the air, and the category is: brand. We’re bringing #Stellar to the real world in 5 days.
Keep your eyes locked! pic.twitter.com/0X5ENxu7Xz
— Stellar (@StellarOrg) September 7, 2023
According to market analytics firm Santiment, there is a possibility of a “larger breakout” for XLM. The frequent shorting of XLM could result in liquidations that might propel its value further, spotlighting Stellar and its impending announcement.
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XLM’s Price Momentum: Over the past 24 hours, Stellar’s XLM has showcased a positive trend. The token experienced a price jump from $0.116 to $0.126, encountering some resistance. If this resistance level is breached, the asset might target the $0.135 mark, whereas a strong resistance could push it down to $0.120 before another potential rally.
Cryptocurrency Landscape Contextualization: While Bitcoin (BTC) hovers around the $26,000 mark and Ethereum (ETH) trades close to $1,635, Stellar’s XLM recorded an impressive 10% price surge within a day. At present, it stands as the 22nd largest cryptocurrency globally, boasting a market capitalization of $3.4 billion.
Stellar’s Vision and Collaborations: Dedicated to streamlining cross-border payments, Stellar has formed strategic partnerships, including ties with Circle, a renowned stablecoin issuer, and MoneyGram International. Just last month, the Stellar Foundation became a minority stakeholder in MoneyGram and joined the Bytecode Alliance, emphasizing its dedication to innovation and blockchain scalability.
The Speculation Continues
Despite the absence of concrete evidence, rumors abound regarding Elon Musk’s potential engagement with XLM, especially after the social platform X (formerly Twitter) obtained a currency transmitter license. It’s crucial to note, however, that even if X integrates multiple cryptocurrencies, XLM’s market capitalization of $3.4 billion doesn’t currently position it within the top 20 contenders.
Amidst the buzz, XLM investors remain on the edge of their seats awaiting Stellar’s September 12 announcement. The community remains eager to discover the changes this could bring to the cryptocurrency market.
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