The financial landscape in the cryptocurrency market is undeniably a confluence of victories and setbacks, with XLM bearing the brunt of this turbulent ride. In the last 24 hours, Stellar’s price went through a light dip of 0.5% to $0.097024, mirroring a similar downtrend across the entire crypto market. Even though XLM’s performance this week depicts a slightly gloomy 3.5% decrease, it’s important to note that the altcoin’s monthly and yearly statistics tell a contrasting and encouraging story, boasting a 14% and 36% increase respectively.
From the lens of recent milestones, Stellar’s ecosystem had a noteworthy celebration with the launch of the WisdomTree personal finance app. The cautionary cloud lingering overhead, however, relates to the seemingly increasing competition from the Federal Reserve’s instant-payment network, FedNow. On the flip side, for traders seeking a more straightforward investment, coins primed for robust gains in the near future, such as the Thug Life Token (THUG) with its successful presale, can be a promising alternative.
Spatially examining XLM’s chart paints a mildly concerning picture, with its relative strength index languishing marginally above 40. This sheds some light on the possibility that the altcoin is currently being oversold and may struggle to make an immediate recovery. This perspective is also fortified by the altcoin’s 30-day moving average hinting at a downward slope towards XLM’s 200-day average, which could foreshadow additional declines in the days to come.
Undoubtedly, developments around Stellar have been a mixed bag. On one hand, the BlackRock-supported WisdomTree’s personal finance app, which runs on the Stellar blockchain, launched recently, which is pretty significant. Yet, this positive news didn’t have much of an uplifting effect on XLM’s price. Conversely, the potential negative impact of the Federal Reserve’s new instant payment system, FedNow, has likely overshadowed this, raising worries about Stellar’s commercial traction being undermined and consequently affecting XLM’s price over the long term.
Attracting investors’ attention amid Stellar’s unsteady footing is the ERC-20 meme coin, Thug Life Token (THUG). Highlighted by its successful presale, raising over $1.3 million, THUG, despite lacking substantial utility, is carving out a supportive community. This is expected to bolster its price rally once listed on exchanges and provide lasting support to its price. With presale accounting for a generous 70% of its total maximum supply (4.20 billion), the community has a chance of having a stronger stake in it than is normally possibly with other meme coins. Moreover, its listing price of $0.0007 for 1 THUG holds promise for potential growth once the meme coin makes its exchange debut.
Please remember, crypto assets are high-risk, and this information needs to be taken as that, informative. It doesn’t serve as financial advice, and your capital could be at risk.
Source: Cryptonews
