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Stellar (XLM) Soars 18% as 55 Billion Tokens are Burned

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Stellar

Stellar

Over the course of the past few years, many cryptocurrencies have emerged that have demonstrated a definite use case, and one of those is Stellar (XLM). SDF or the Stellar Development Foundation, which looks after the entire ecosystem of the cryptocurrency, made a major announcement today, and it could have far-reaching implications.

Major Boost

The SDF announced a new protocol altogether with regards to its network on Monday and added that it has burned as many as 55 billion XLM (Stellar Lumens). The burning of those many tokens by the company is going to reduce the number of XLM in circulation, and it remains to be seen what sort of effect this will have on the price.

The whole project is apparently trying to become far more efficient in the near future, and the SDF believes that the move to burn 55 billion Stellar tokens will help in streamlining operations considerably. Considering the fact that XLM is now trading for $0.085 each at this point, the cost of the tokens that were burned is pegged at around $4.7 billion. However, the market has reacted positively to the move, and the price of XLM has rallied by as much as 18% at $0.0816 after the news broke.

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The SDF published a post on Medium in which it explained the rationale behind the move. In the post, it stated that the move is going to make the ecosystem more efficient. It stated, “SDF can be leaner and do the work it was created to do using fewer lumens. Over the years we’ve also seen that giveaways and airdrops have diminishing effects, especially in the outsized amounts our original plan was designed to support.” It went on to state that out of the remaining tokens, the SDF is going to give away as many as 12 billion tokens to make Stellar more popular in the crypto sphere.

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Stellar (XLM) Outperforms After the Fall Earlier This Week

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Stellar

Stellar

Stellar (XLM) is outperforming the broader crypto market on the technical rebound.

The world of cryptocurrencies can often prove to be a bit of wild ride sometimes, and it is especially so after the sort of week that has been unleashed on the crypto sphere. Many of the top cryptocurrencies declined yesterday after the comments from the head of the Federal Reserve Jerome Powell about Facebook’s Libra.

Stellar Outperforms

During the bloodbath yesterday, Stellar (XLM) dropped just like many other tokens, and at one point went down by as much as 14%. However, Stellar managed to make a turnaround today and managed to record substantial gains and remains one of the biggest gainers today among altcoins. The price of Stellar rose to $0.09861, up by 9.70%, according to the data that was available from the leading crypto exchanges.

Currently, Stellar is the 11th biggest cryptocurrency in the world in terms of market capitalization, and the total number of XLM tokens that are currently in supply stands at 19.43 billion. During today’s considerable spike in price, the total traded volume of XLM reached $505.56 million over the past 24 hours, and for all those who currently hold XLM, it is definitely an important development.

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The theme for many cryptocurrencies this year has been about the use case and whether it is going to get any attention from institutional investors. In this regard, it needs to be pointed out that Stellar has already made a highly important partnership with tech behemoth IBM, and due to the potential of blockchain technology in the near future, it’s speculated that this particular partnership could bring rich dividends for the cryptocurrency.

However, as the number of partnerships starts rising, it is almost certain to have a big impact on the cryptocurrency’s price. However, among many experts, there is one concern with regards to Stellar, and that is the suspected centralized nature of the token. However, if it manages to keep forging partnerships, then it could manage to bring hefty returns for its holders.

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Stellar (XLM) Witnesses Buying Interest Despite the Crypto Slump

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Stellar

Stellar

When a cryptocurrency is made available in important exchanges, then its price usually gets a positive push, and that is what happened with Stellar (XLM) yesterday. Earlier on this week, Coinbase, which is among the biggest crypto exchanges in the world, revealed that it was looking to add many more tokens to its platform.

Yesterday, the company made Stellar Lumens (XLM) available on its platform for Coinbase users in New York. It is a significant development for the token in question, and it goes without saying that the news was welcomed with great optimism by investors.

Coinbase News Supports XLM

It also resulted in a major spike in the price of Stellar. The wider crypto market has been performing very poorly over the past 24-hours, and many of the biggest tokens in the market have lost a lot of value. However, the announcement from Coinbase led to a highly impressive rally in XLM over the course of the same period, and Stellar rallied by as much as 13%. This happened during a period when some of the world’s major cryptocurrencies lost in excess of 10% in some cases. Usually, such an impressive move on the part of any coin leads to further gains as new investors come in and it remains to be seen how it all pans out during the course of the weekend.

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One of the most important aspects of a Coinbase listing is the fact that it exposes a particular cryptocurrency to a far bigger pool of investors and that eventually leads to a spike in price in most cases.

Although the current listing is only restricted to New York at this point in time, it could be made available to all users eventually, and that could be the next big event for XLM. The latest announcement has resulted in impressive gains for Stellar, but it remains to be seen whether it can hold on to them.

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