While everyone was taken by surprise the way XRP prices shot over 100% last week, this was a glimpse on how coins and tokens with strong fundamentals can perform. As the street believes there is more to come from the XRP another token is doing similar wonders in the same industry as XRP- which is Stellar Lumens.
Stellar’s stellar run already began which displaced EOS
While the world was rejoicing XRP’s rally, another coin that was slowly inching higher and with equivalent fundamental credentials was Stellar Lumens ( XLM). The last few days have seen serious price action, with the overwhelming majority of cryptocurrencies marking notable increases. The serious uptick was marked by Ripple’s (XRP), but Stellar also managed to amass some serious gains. While XRP was inching upwards Stellar also an increase upwards of 20 percent for the day, and more than 50 percent for the week, now standing as the sixth largest cryptocurrency. This overnight push was so strong that at a point Stellar’s market cap jumped from $4.3 billion to $5.6 billion in that time, displacing EOS as the fifth most capitalized cryptocurrency in the process.
While going to press Stellar saw a bit of pull back and was pushed back to 6th position again sitting really close to EOS’s market cap numbers.
This push was not just technical and there was some strong fundamental news that had lifted XLM. Earlier this month, a Stellar-focused commercial entity called Lightyear Corporation merged with another company called Chain Inc., to form a brand-new organization called Interstellar. Allegedly, the merger is going to increase the enterprise products, as well as the customer base to the global public ledger of Stellar. It’s aimed at delivering a turn-key solution enabling different organizations to exchange, issue, and manage assets on Stellar’s public network.
Speaking on the matter, Jed McCaleb, co-founder of the Stellar Development Foundation Lightyear was quoted saying:
“Chain’s team has led the market for enterprise adoption of blockchain technology, which is a critical component of building a future where money and digital assets move over open protocols. […] We are thrilled to be joining forces to help organizations build on Stellar.”
Not just this there was two other news in favor of Stellar (XLM). First Goldman-Sachs backed financial platform, Circle, has added XLM to its array of investable assets. and second that world aid organization UNICEF has expanded its breadth of donatable currencies to include Stellar (XLM).
Why does street feel Stellar’s rally is still to come?
While Stellar is leaving no stone unturned to match XRP in its goal to take over the financial world with blockchain and coin, a lot of things are falling in its favor which in the long run will make the coin and enviable one. A recent tweet by a few Stellar supporters shows the coin has enough potential news which if plays out could make fortunes.
– Decentralized Exchange $SDEX
– Stronghold Exchage, USD anchor using #Stellar networks
– Monster partnership with IBM
– Stellar launching STO’s (Security Tokens Offering)
– ICO tokens moving to Stellar #Blockchain pic.twitter.com/kJgNJtKWXj
— CryptoCurrency 🤑 (@crypto_goat_) September 23, 2018
Stellar now has a decentralized exchange/ wallet. Stellar Term is an open-source client for the Stellar Network. With Stellar Term, one can send, receive, and trade assets on the Stellar Network easily. The brain behind Stellar Term is Iris Li, a former employee of the Stellar Development Foundation. However, the project is independent of the Stellar Development Foundation.
With respect to partnerships Stellar has some strong partnership with Stronghold and IBM and in terms of ICO’s a lot of them are ditching Ethereum and other coins to move to Stellar blockchain considering its superiority
All these developments are pretty nascent now but do stand a potential to turn fortunes for Stellar if everything goes as per plan. With plans in place, Stellar has to now has to focus and execute these to take the coins to new highs.
Will Stellar be able to replicate XRP’s rally? Do let us know your views on the same.
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Nilesh Maurya has been associated for past 8 years as an Investment Banker with Omega Capital, a bespoke Investment Banking outfit having offices in Mumbai, New York, Singapore, and Dubai. He has been a regular contributor to business publications such as Business India and Market Express and has been a mentor to many start-up companies. Nilesh Maurya has been associated for past 8 years as an Investment Banker with Omega Capital, a bespoke Investment Banking outfit having offices in Mumbai, New York, Singapore, and Dubai. He has been a regular contributor to business publications such as Business India and Market Express and has been a mentor to many start-up companies. Follow him on Twitter at @KoinKing1 or connect with me on linkedin.