2.9 Billion Stellar (XLM) In 24 Hours, What's Happening?
Godfrey Benjamin Stellar has recorded massive volume boost, suggesting renewed investor interest Cover image via www.freepik.comDisclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available. Stellar (XLM) is in the spotlight as over 2.9 billion tokens have been exchanged by participants on the cryptocurrency market. This comes after its price slipped below a critical support level of $0.4550. The token, which hit a low of $0.4156 in earlier trading, appears to have pared off some of its losses.XLM’s volatile price movement amid soaring volumeXLM attained a height of $0.4675 within the past 24 hours before market fluctuations canceled its previous gains. Over the past week, its upsurge has drawn attention to the coin, which rivals XRP in price movement. The current price movement still mirrors XRP in terms of the percentage drop on the daily chart. Related As of this writing, XLM has witnessed a 6.15% drawdown despite its initial gains, leaving the price at $0.4263. In contrast, XRP has registered a 4.23% decline in the last 24 hours. The decline, considered a temporary setback for XRP, comes amid bullish sentiment for the asset.As for XLM, the coin is also experiencing increased investor interest as trading volume has soared by 80.76%. About $1.25 billion in trading volume translated to 2.93 billion XLM traded within 24 hours.Some analysts have attributed the staggering increase in XLM volume to bulls looking to trigger a rally. However, it is unclear if whales are behind the current surge, what market dynamics are at play and how long it will prevail.XLM market dynamics and regional influenceAs earlier reported by U.Today, XLM made notable strides in Asia. Specifically, Binance, the world's leading cryptocurrency exchange, has announced a new listing pair, XLM/JPY, in Japan. Related The development could further drive up the numbers for XLM and its market ratings, given the incentives by Binance.Notably, Binance encouraged XLM’s trading by announcing a zero-maker fee promotion for the new Japanese pair. This ecosystem update might account for why XLM has flipped Shiba Inu despite the general market drawdown. Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available. About the author Godfrey Benjamin Godfrey Benjamin is an experienced crypto journalist whose main goal is to educate everyone around him about the prospects of Web 3.0. His love for crypto was birthed when, as a former banker, he discovered the obvious advantages of decentralized money over traditional payments. With his vast experience covering various aspects of Web3, Godfrey's articles has been featured on Blockchain.news, Cryptonews and Coingape, among others. Related articles