In the rapidly changing cryptosphere, Stellar’s XLM has seen a whopping 55% jump in price within the past 24 hours, following the verdict that labeled XRP a non-security. This jump has resulted in a 3000% surge in its trading volumes, cresting at $14 billion, alongside a similar upturn in market cap which sat at $4 billion at 7:21 EST. This striking upward trend underlines the cryptocurrency’s bullish trajectory, evident in its performance over the last month, over which it has accrued an impressive 82% gain.
The favourable turn of events for XRP seems to point towards a similar fate for XLM. After all, despite being named in the US SEC lawsuit against Binance and Coinbase, XLM has proven to stay more bullish than bearish over the last 30 days. It is indeed an intriguing prospect that the recent ruling advocating for XRP paints a hopeful scenario for Stellar, which, according to some crypto enthusiasts, should be considered “free.”
As the case of SEC Vs. Ripple, that dragged over a span of three years, finally came to a head with Judge Analisa Torres ruling in favour of XRP. This verdict spurred Cameron Winklevoss, the co-founder of the Gemini exchange, amongst others, to tweet positively about the news. Excitingly, following this news, the crypto world has seen a surge in other altcoins too.
However, it is important to remember, among all these asset behemoths, another fierce competitor lurks – Wall Street Memes (WSM). This phenomenon, a result of the meme stocks movement responsible for the 2021 GameStop saga, has seen roaring success in its pre-sales, raising approximately $14.7 million in a few weeks.
What stands out about WSM is its community-focused approach, allocating a considerable 30% of its token supply to the community. With such promising tokenomics, WSM sits in a prime position to outperform many newly- minted meme tokens in the race. Yet, like any other investment in this sphere, this is loaded with an inherent risk, an attribute that potential investors should be thoroughly conscious of.
The recent rollercoaster ride in the crypto market is an irrefutable testament to the sector’s volatility but also its vast potential. As more crypto actors enter the market, whether it’s XLM or WSM, one thing is apparent – the cryptosphere is continuously evolving, pivoting, and finding new ways to incite excitement among its wide base of spectators. It remains to be seen as to how these series of events will affect the broader crypto market and public sentiment, but one thing is clear: the cryptoverse, in its entirety, has geared up for an exciting journey.
Source: Cryptonews
