After a week where most of the altcoins had their high and low points, we consider what happened to fifth largest cryptocurrency by market cap, Stellar (XLM) in the past week.
Data from Coinmarketcap shows that at the start of the week (Nov 5), XLM had a value of $0.24. This trend was the same through the next trading day before a slight increase is noticed on Nov 7.
The growth was spurred by the announcement made by the Stellar project about what is arguably the largest crypto airdrop ever. In partnership with popular crypto wallet company, blockchain.com, Stellar revealed that they were airdropping $125,000,000 worth of XLM.
This trend pushed the value of XLM from around $0.24 to $0.26 within the next 24 hours. Blockchain.com added support for Stellar by allowing its over 30 million users to buy and sell the altcoin more easily.
Remarkably, a bearish run for the crypto markets on Nov 8 was too strong for Stellar’s biggest news in a long time, result in a slight drop. For the most of day, XLM value was pegged within $0.25 to $0.20. During this same period, major cryptocurrency Bitcoin moved from a $6530 to $6453
For the rest of the week (Nov 9-11) the price of XLM maintained very low volatility levels to trade within $0.25 and $0.26 before a more bullish upward trend set in on Nov 11.
Stellar XLM Value Spikes
On Nov 11, around 03:59 UTC, the value of XLM was $0.261. However, at the end of the trading day, the altcoin posted gains over 5% and a value of $0.273.
This level of growth was also remarkable given that the rest of the crypto markets have been caught up with by the bears.
What is Behind the Stellar XLM increase?
At press time, there is no indication that Stellar (XLM) has started distributing the $125,000,000 worth of XLM to blockchain.com users. Users were only asked to submit their emails and wait for further instructions on how to redeem their tokens.
On this basis, we can attribute the growth to rumors on Twitter suggesting that Coinbase will soon add support for Stellar (XLM). This may be partly true since Coinbase announced in July that they were exploring the addition of XLM and a number of altcoins.
At press time, the value of XLM is $0.281 with a market cap of $5.2 billion and a 6.27% growth against the USD.
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