Stellar Lumens (XLM) Trading Volumes Rise 5X in Two Months
At the back of supportive news, the trading volumes of XLM, the native currency of the Stellar Lumens network, is up 5X in two months, doubling in the last month alone. The coin is in the top 15 and its price is up 105 percent month-to-date as Jed McCaleb, the founder, said his network is now offering solutions to real people, cheaply.
The Stellar Lumens network bears some similarities with Ripple. Jed McCaleb is also the co-founder of the XRPL ledger before parting ways with the Ripple team. For this reason, the XLM and XRP ledgers have the same consensus algorithm, with both seeking to disrupt remittance. Although Ripple is dominant, XLM has been posting gains in the last few weeks. The crypto fund, HAIC Digital Asset Fund I by a German private bank, Hauck & Aufhäuser, lists XLM. Another German bank, Bankhaus von der Heydt (BVDH), is launching the Euro stablecoin via the Stellar Network. The Jed McCaleb led team has a toolkit for issuers, including central banks, looking to launch CBDCs or Stablecoins easily and compliantly.
Impact on the XLM Price:
Bullish. The more clients the Stellar Network and the Development Foundation attracts, the more upside for XLM. Thus far, more users are flocking to the decentralized high throughput financial network.
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