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Tim Hakki
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Tim Hakki
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Stellar Lumens, known by the ticker XLM, is trading against the grain today as investors move their money into established larger-cap tokens and exciting new presales.
According to data by CoinCodex, the price of XLM dropped by 2% in the last 24 hours after rallying as much as 20% yesterday.
XLM launched way back in 2014, making it one of the oldest cryptocurrencies in circulation. It was developed to facilitate speedy and cheap cross-border payments.
Unlike crypto daddy Bitcoin ($BTC), Stellar does not utilize a Proof-of-Work consensus mechanism to verify transactions.
Instead, Stellar deploys its own consensus mechanism Stellar Consensus Protocol (SCP) which relies on a handful of “trustworthy” nodes that are periodically elected by the community.
However, the world’s number one cryptocurrency is far ahead of XLM today. Bitcoin rose 5.6% overnight to change hands at $60,655.
Stellar XLM’s Price Chart
Over the last three months, XLM holders have experienced volatile price swings. A couple of big crashes have defined the token’s current support level as $0.075, as shown by the green line.
XLM posted a three month high of $0.111 in mid-July, a price range that the token can claw back up to easily in a fortuitous crypto market. However, at its current price, XLM is still 89% down from its all-time high (ATH) of $0.8756, posted on January 3, 2018.
Given that it didn’t top that high during the 2020/2021 bull run, holders are unlikely to see the halcyon days of old any time soon, but a stable relative strength index (RSI) of 49 means that today’s losses are unlikely to deepen by much.
Stellar Lumens Traders Speculate On The Meme Games
Stellar holders are currently shifting into one brand new presale that has quietly amassed a tidy $352,000 in investments. Between its popularity and its fun gamified buy-to-win element, analysts say it could even blow up 3,000%.
The Olympics meets Meme Coin mania in a new token called The Meme Games ($MGMES) that degens are touting as the official meme coin of the 2024 Paris Olympics.
Those who buy $MGMES tokens now get to select their favorite meme coin avatar, between Dogecoin, Pepe, DogWifHat, Brett and Turbo, and watch them race for a one-in-five chance to claim a 25% bonus on their initial…
Read More: Stellar Holders Bet Big on This New ICO, Eyeing Massive 3,450% Gains