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 market’s 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 network’s current bullishness can be largely attributed to recent developments that show the platform’s commitment to bringing crypto within reach of the average Joe. 

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 they’re 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 you’ll 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: 

XLM market cap currently at $2.9 billion. Chart: TradingView.com

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 token’s 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 won’t be spared once stocks start flashing red. XLM’s high correlation with Bitcoin will play a part in this affair. 

But Stellar’s entry in providing blockchain solutions to real-world problems might help slow or stop the bearish tide. Investors and users will see value in Stellar’s use case, thus bumping XLM by a few percentage points in the next couple of weeks. 

Featured image from Zipmex, chart from TradingView