Last year Stellar Lumens was the golden child of crypto, a Ripple rivaling financial transfer blockchain that promised great things. Its slogan of ‘money moving like email’ is exactly what the world needs right now yet the token has failed to gain much traction in terms of price as XLM has continued to slide down the chart while its market cap erodes.
XLM Almost Out of The Top Ten
Stellar has suffered greater losses at the paws of the bears than those around it. A couple of months ago challenging for the fifth largest cryptocurrency by market capitalization, XLM has now dumped to ninth being surpassed by Tether, Litecoin and Tron. At the time of writing it is the worst performing altcoin in the top thirty losing another 3% on the day.
Since its all-time high XLM has been smashed over 90% to its current price of $0.083 (2400 satoshis) which is the lowest it has been for 15 months. Granted, Cardano has fared worse but the slide of Stellar down the market cap chart should be a concern.
The centralized Ripple token, XRP, from which Stellar was originally created, has fared much better taking and holding the second spot in terms of market cap, however it has seen similar losses since ATH.
Stellar Development Foundation Soldiers On
The team, like many others in the crypto sphere, has paid less attention to prices and more on the product which involves actively increasing adoption channels. One of these is AnchorUSD which, according to the January newsletter, is “the first totally seamless integration that allows any Stellar application to provide USD deposit and withdrawal directly from their users’ bank accounts.” Additionally SatoshiPay has launched three new full Stellar validators and a new multi-signature wallet.
Earlier this month Grayscale Investments added Lumens support to its platform according to Fortune. Its newly launched Stellar Lumens Trust is Grayscale’s ninth crypto product; others include funds for Bitcoin, Ethereum and XRP. AlphaPoint’s network of over 100 exchanges also announced support for Stella last month.
Unlike other crypto firms such as ConsenSys, Blockfolio, Bitmain and Huobi, the Stellar Development Foundation (SDF) has continued to hire during the bear market taking on software developers and partnership directors.
There have also been key updates to the platform with Stellar Core 10.1.0 and Horizon 0.15.4 released in addition to Interstellar exchange releasing version 3.5 of the application with a raft of new features. Several other project updates and upcoming events are also scheduled for the coming weeks so to say this team has been busy would be an understatement.
There is no obvious reason why Stellar has dropped so far down so quickly, the foundation has been getting their heads down and developing the project so maybe it is time to ignore the prices and focus on the products for Stellar and all crypto assets.
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As someone deeply immersed in the world of cryptocurrency and blockchain technology, I can attest to a comprehensive understanding of the complexities and nuances within this rapidly evolving space. My expertise extends to various projects and platforms, including Stellar Lumens, the subject of the article.
Firstly, the article discusses Stellar Lumens (XLM) as a once-prominent cryptocurrency that has experienced a significant decline in both price and market cap. This assertion aligns with the broader crypto market trends, where assets often undergo periods of volatility and fluctuation.
The comparison between Stellar and Ripple (XRP) is noteworthy. Stellar Lumens was originally created as a fork of Ripple, aiming to provide a decentralized and efficient financial transfer blockchain. Despite the initial promise and its slogan of 'money moving like email,' XLM has faced challenges, especially in terms of market performance.
The article touches upon XLM's drop in rankings among cryptocurrencies, emphasizing its descent to the ninth position, below Tether, Litecoin, and Tron. The decline in price, approximately 90% from its all-time high to $0.083, is highlighted as a cause for concern, even though other cryptocurrencies, like Cardano, have also experienced losses.
Interestingly, the article highlights the resilience of the Stellar Development Foundation (SDF) and its focus on product development and adoption channels, rather than getting swayed solely by price movements. This strategic approach includes partnerships and integrations with platforms like AnchorUSD and SatoshiPay, as well as support from Grayscale Investments and AlphaPoint's network of exchanges.
Furthermore, the article mentions key updates to the Stellar platform, such as Stellar Core 10.1.0 and Horizon 0.15.4, along with version 3.5 of the Interstellar exchange application. The commitment to ongoing development and the addition of Lumens support on Grayscale Investments' platform showcase the efforts to bolster Stellar Lumens' ecosystem.
In the face of market challenges, the Stellar Development Foundation's decision to continue hiring and actively contribute to the project's growth indicates a long-term perspective. The article suggests that, despite the price decline, there is no apparent reason for Stellar's rapid descent, encouraging readers to shift their focus from prices to the ongoing developments and products within the Stellar ecosystem.
In conclusion, my in-depth knowledge of cryptocurrency and blockchain technology allows me to provide a thorough analysis of the concepts mentioned in the article, offering insights into the challenges and strategies within the Stellar Lumens ecosystem.
