2.9 Billion Stellar (XLM) In 24 Hours, What’s Happening?

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2.9 billion units of Stellar (XLM) are drawing attention as they’ve been traded on the cryptocurrency market. This follows a dip where its price fell below a crucial support point at $0.4550. Initially, the token plummeted to $0.4156 in trading, but it seems that some of its losses have since been recovered.

XLM’s volatile price movement amid soaring volume

In the last 24 hours, XLM reached a peak of $0.4675, but subsequent market fluctuations erased its earlier advancements. Over the past week, the coin’s rise has attracted notice, with its price fluctuations resembling those of XRP. At present, the daily chart shows a similar percentage drop for both coins.

Currently, Stellar (XLM) has experienced a 6.15% decrease after initially rising, now standing at $0.4263. On the other hand, Ripple (XRP) has seen a 4.23% drop over the past day. This dip in XRP, viewed as a short-term hurdle, occurs during an overall optimistic outlook for the asset.

Regarding XLM, there’s been a surge in investor attention due to a significant jump in trading activity. In fact, the trading volume has skyrocketed by approximately 80.76%. This high level of interest resulted in around $1.25 billion worth of trades, which equates to over 2.93 billion units of XLM exchanged within a 24-hour period.

Some experts believe that the significant rise in XLM transactions could be due to bullish investors attempting to ignite an uptrend. Yet, it remains uncertain whether large traders (whales) are driving this trend, what factors within the market are influencing it, and for how long this pattern might persist.

XLM market dynamics and regional influence

According to U.Today’s previous report, Stellar Lumens (XLM) experienced significant advancements in Asian markets. More precisely, Binance, the globally recognized crypto exchange, declared the introduction of a new trading pair, XLM/Japanese Yen (JPY), within Japan.

The progress may potentially boost XLM’s figures and rankings on the market, considering the incentives provided by Binance.

Significantly, Binance boosted XLM trading by offering a promotional zero-maker fee for the newly introduced JPY pair. This change within the ecosystem could potentially explain why XLM surpassed Shiba Inu even amidst the broader market decline.

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2025-01-08 18:58