RATE Group | Stellar gives away $16M, burns 50% of XLM — price still drops
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Stellar gives away $16M, burns 50% of XLM — price still drops

29 Jan Stellar gives away $16M, burns 50% of XLM — price still drops

Posted at 19:03h in Cryptocurrency News by

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XLM is the native cryptocurrency of the Stellar network, a blockchain-powered solution pitched to make cross-border payments more efficient.

Stellar’s consensus architecture is relatively centralized when compared to Bitcoin. While this does allow it to process transactions with low fees and fast confirmation times, it does require users to place more trust in the network comparatively.

Regardless of this sacrifice, Stellar XLM is almost always listed in the top cryptocurrencies. XLM’s market cap is currently $1.19 billion, and ranked 14th — just behind Monero.

XLM/USD 2019 Q3 performance recap

As with the rest of the cryptocurrency market, Stellar had a pretty tough third quarter. A floundering Bitcoin led altcoins to suffer alongside it, and XLM was no different.

XLM opened the quarter at just over $0.10, and aside from two short periods between mid-July and mid-September, price action was pretty much entirely in the red.

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