As a seasoned crypto investor with over a decade of experience under my belt, I’ve seen my fair share of market fluctuations and trends. However, the recent surge of Stellar (XLM) has caught my attention, especially given its resilience against the general market slump this week.
On August 8th, Stellar (XLM) bucked the trend as it significantly increased in price, contrasting the gradual market recovery that followed this week’s downturn. Despite most alternative coins still struggling, XLM managed to surge nearly 10% according to CoinGecko.
The surge in positivity toward the Stellar network is primarily driven by its recent advancements, demonstrating its dedication to making cryptocurrency accessible for everyday people like you and me.
Decaf On Stellar
As a seasoned cryptocurrency user with years of experience under my belt, I am thrilled to see the recent announcement that Simplex has partnered with Stellar to bring USDC support to the platform. This development not only increases the convenience of using Stellar, but it also opens up new opportunities for users like myself who value stability and security in our digital assets.
#USDC is now supported on the #Stellar blockchain!
Due to our partnership with @StellarOrg, it’s now effortless for you to purchase USDC directly on the Stellar platform. This means quicker and more affordable transactions for everyone! #Crypto #Blockchain #Simplex
— Simplex (@SimplexCC) August 6, 2024
Lately, Decaf has unveiled an update, making its platform accessible to US accounts. Now, both new and existing users can receive US dollars from the U.S. mainland and transfer them anywhere globally. Given the significant deficiency in the banking sector across Latin America, this platform has gained popularity. This expansion will strengthen the growing community of crypto users in Latin America by providing them with more financial empowerment.
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 you’ll receive it as $USDC.
NO FEES for early access: 1 USD = 1 USDC
— Decaf (@Decaf_so) August 7, 2024
Primarily, it will provide aid to people in nations where a robust financial system is scarce.
During an interview with Stellar, Fernanda Orduna – Co-Founder and developer at Decaf – shared the thought process behind their platform.
“They don’t have many options. They don’t 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
At the moment of this writing, the token finds itself under pressure to maintain its recent gains over the last 24 hours. Currently, XLM is hovering around the prices between $0.1003 and $0.1058 – a price range that has been traditionally controlled by the bears in the past.
In simpler terms, supporters of XLM (Stellar) may find temporary relief within this price range due to its relatively low volatility. This could lead to more stable prices, allowing bulls to build up strength for a potential push towards $0.1058 in the future.
The exact duration of the “long term” can vary greatly based on the current market conditions. If private equity firms foresee continued struggles in the financial market, cryptocurrencies like XLM may also experience turbulence once stocks begin to decline. Given that XLM tends to follow Bitcoin‘s trends, its correlation with Bitcoin could significantly impact its performance during this time.
While Stellar’s role in delivering blockchain solutions to practical issues could potentially reverse or halt the downward trend. The increased recognition and utility of Stellar may boost its value, causing XLM to rise by several percentage points within the coming fortnight.
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2024-08-08 20:11