Stellar's Pre-Announcements Trigger Excitement for Potential Developments
Stellar's pre-announcements have triggered excitement and speculation among traders. Learn about the potential developments and their impact on XLM's price in this article.
Posted 2 months ago in Technology
Stellar's recent pre-announcements have sparked excitement among traders, leading to speculation about potential developments for XLM. While the impact on the price may be short-lived, the Stellar token saw a significant 11.5% increase in value between September 2 and September 8, setting it apart from the downward trend in Bitcoin and other altcoins. This surge came after Stellar tested its lowest support level in eight weeks, $0.113.
The organization's preliminary announcement on social media hinted at something significant happening on September 12, using phrases like 'something cool is dropping' and 'change' on the horizon. This cryptic message further heightened expectations. Additionally, Stellar teased a potential partnership involving the real world, using words like 'brand' and 'real world assets' like stocks, bonds, and real estate. This suggests a possible rebranding and a shift towards real-world assets (RWA).
Caroline Pham, one of the commissioners of the Commodity Futures Trading Commission, emphasized the importance of regulatory clarity for crypto assets. Pham highlighted the significance of RWAs and the opportunities for modernizing financial markets through blockchain technology and the tokenization of money market funds.
Unfounded rumors circulated about Elon Musk's X (formerly Twitter) potentially integrating XLM after obtaining a currency transmitter license on August 28. However, XLM's current market capitalization falls short of making it a top contender. In terms of trading volume, XLM ranks 20th, trailing behind Bitcoin Cash, Sui, Litecoin, and Ripple's XRP.
In August, the Stellar Development Foundation (SDF) became a minority investor in payments provider MoneyGram International, using its cash treasury. SDF's CEO, Denelle Dixon, stated that this investment will contribute to MoneyGram's digital business and explore the potential of blockchain technology.
While the recent price action raises eyebrows, Stellar is positioning itself to compete in the decentralized application market, worth $37.8 billion. Ethereum currently holds the market leader position with a 56.6% market share, despite its higher transaction fees.
As the September 12 announcement approaches, XLM investors eagerly await further details about the potential developments. Until concrete evidence emerges, surpassing the previous price of $0.14 seen on August 10 remains unlikely, but the market remains optimistic about the future of Stellar.
This article is for general information purposes only and should not be considered as legal or investment advice.
Last updated 9/9/2023, 4:49:48 AM
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