Stellar (XLM) Shines With 11% Gain Despite Downbeat Crypto Market Mood
Stellar (XLM) flexes its muscles as it rose in price today, August 8th, going against the slowing market rebound that occurred after the markets dip that happened earlier this week. According to CoinGecko, XLM shifted upwards by almost 10% gaining in an environment where the majority of altcoins are still experiencing pain.
The Stellar networks current bullishness can be largely attributed to recent developments that show the platforms commitment to bringing crypto within reach of the average Joe.
Decaf On Stellar
This week, users on Stellar are rejoicing as Simplex recently announced that due to their partnership with the platform, USDC is now supported on Stellar which increases the convenience of using the platform. The stablecoin is also available on Decaf, a non-custodial wallet that describes itself as a global bank, onchain.
#USDC is now supported on the #Stellar blockchain!
Thanks to our collaboration with @StellarOrg, you can now seamlessly buy USDC on Stellar, enabling faster and cheaper transactions.#Crypto #Blockchain #Simplex pic.twitter.com/AOx163txsU
Simplex (@SimplexCC) August 6, 2024
Recently, Decaf announced that its platform will now enable US accounts, allowing new and current users to receive US dollars from the mainland United States to wherever theyre located. The platform is widely popular in Latin America where the banking sector is lacking severely. This development will help empower the growing user base of crypto users in Latin America.
US accounts are LIVE in the Decaf Wallet!!
Get a US account in 2 minutes!
You or anyone can transfer USD to that account and youll receive it as $USDC.
NO FEES for early access: 1 USD = 1 USDC pic.twitter.com/FVYkiQ8Gu2
Decaf (@Decaf_so) August 7, 2024
Most importantly, it will assist individuals in countries where the financial system is often lacking.
In an interview with Stellar, Decaf Co-Founder and developer Fernanda Orduna stated the reasoning behind the platform:
They dont have many options. They dont have financial freedom. This is something that happens everywhere in Latin America and especially now, for example, if you look at Argentina, Venezuela, [and] Colombia, people have a real need.XLM market cap currently at $2.9 billion. Chart: TradingView.com
Stability And Low Volatility Support XLM Bulls
As of writing, the token is currently in a tight spot to secure its gains in the past 24 hours. XLM is sitting between $0.1003 and $0.1058, a price range historically held by the bears.
XLM bulls might find some respite on this price range. The tokens low volatility might be followed by stable prices which will give the bulls enough time to gather momentum for a breakthrough toward $0.1058 in the long term.
How far into the future the long term might be is entirely dependent on the overall market environment. With private equity firms pointing to more pain in the financial market, crypto wont be spared once stocks start flashing red. XLMs high correlation with Bitcoin will play a part in this affair.
But Stellars entry in providing blockchain solutions to real-world problems might help slow or stop the bearish tide. Investors and users will see value in Stellars use case, thus bumping XLM by a few percentage points in the next couple of weeks.
Featured image from Zipmex, chart from TradingView
Read more: https://www.newsbtc.com/news/stellar-xlm-shines-with-11-gain-despite-downbeat-crypto-market-mood/
Text source: NewsBTC
