In a surprising turn of events, Stellar (XLM) has shown a remarkable 11.5% increase in value from September 2 to September 8, contrasting sharply with the overall crypto market’s performance, which has been predominantly bearish. This remarkable surge came on the heels of Stellar testing a crucial support level at $0.113, its lowest point in the past eight weeks. The sudden upswing can be attributed to a series of pre-announcements made by the Stellar organization on social media platforms.
Change is in the air, and the category is: brand. We’re bringing #Stellar to the real world in 5 days.
Keep your eyes locked! pic.twitter.com/0X5ENxu7Xz
— Stellar (@StellarOrg) September 7, 2023
Cryptic Hints and Expectations
The initial announcement, though cryptic, created significant anticipation by alluding to something substantial occurring on September 12. Phrases such as “something cool is dropping” and “change” were used, adding to the intrigue. On September 7, Stellar further fueled expectations by teasing a potential partnership. However, just like the earlier announcement, specific details were conspicuously absent, with only words like “brand” and “real world” used, suggesting the possibility of rebranding and a shift towards real-world assets (RWAs) such as stocks, bonds, and real estate.
Crypto’s next frontier is here! Stellar (XLM) is dropping a bombshell announcement tomorrow, and the Elon Musk factor has everyone on the edge of their seats. 🚀 Will XLM reach $1? Stay tuned for the crypto event of the year! 🔮 #Stellar #CryptoNews #ElonMusk #XLM pic.twitter.com/dvp2JBM6co
— Collin Brown (@CollinBrownXRP) September 11, 2023
Elon Musk Rumors Dispelled
Rumors speculating Elon Musk’s involvement with XLM emerged, especially after the social network (formerly Twitter) acquired a currency transmitter license from regulators on August 28. It’s essential to clarify that even if X were to integrate multiple cryptocurrencies, XLM’s current market capitalization of $3.4 billion falls short of ranking in the top 20. A similar analysis using Messari Crypto’s “real volume” ranking places XLM as the 20th in terms of trading volume, trailing behind competitors like Bitcoin Cash, Sui, Litecoin, and Ripple’s XRP.
Buy Stellar (XLM) quickly and securely with PayPal, credit card or bank transfer at eToro. Visit Website <<### Strategic Investments and Partnerships
In mid-August, the Stellar Development Foundation (SDF) made a strategic move by becoming a minority investor in payments provider MoneyGram International, leveraging its cash treasury. SDF had previously established a commercial partnership with MoneyGram in 2021. This investment is poised to enhance MoneyGram’s digital business expansion and explore blockchain technology, allowing users to seamlessly connect to MoneyGram’s retail network through Stellar USDC.
Soroban Smart Contract Platform
Stellar is gearing up to launch Soroban, a smart contract platform on its mainnet. With a $100 million adoption fund established in October 2022, Stellar aims to stimulate developer activity on its Futurenet testnet. This strategic move aligns with Stellar’s ambitions to compete in the $37.8 billion decentralized application market, currently dominated by Ethereum, despite its higher transaction fees.
Potential of RWAs in DeFi
Real-world assets (RWAs) in decentralized finance (DeFi) hold significant potential, exemplified by MakerDAO’s holdings of U.S. Treasuries. These assets have boosted protocol revenues and mitigated exposure to the Dai stablecoin.
As the crypto community eagerly anticipates Stellar’s September 12 announcement, it remains uncertain what this payment network will unlock. However, achieving further gains, surpassing the $0.14 price last seen on August 10, might be challenging without concrete evidence of these developments.
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