Stellar (XLM) is showing its strength as its price surges today, August 8, in the face of a slowing market recovery following the market decline that occurred earlier this week. According to Queen GeckoXLM price is up around 10% in an environment where most altcoins are still feeling the pain.
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The current upward trend of the Stellar network can be largely attributed to recent developments that show the platform’s commitment to making cryptocurrencies accessible to the average citizen.
Decaffeinated on Stellar
This week, Stellar users are rejoicing because Simplex recently… Advertise Thanks to their partnership with the platform, USDC is now supported on Stellar, making it even more convenient to use the platform. The stablecoin is also available on Decaffeinateda non-custodial wallet that describes itself as a “global bank on the chain.”
#USDC It is now supported on #excellent Blockchain!
Thanks to our cooperation with @stellarorgYou can now seamlessly buy USDC on Stellar, allowing you to make faster and cheaper transactions.#cryptocurrencies #Blockchain #Simplex pic.twitter.com/AOx163txsU
— Simplex (@SimplexCC) August 6, 2024
Lately, decaffeinated. Advertise Amazon has announced the launch of a new platform that will allow new and existing users to access US dollars from the US mainland wherever they are. The platform is gaining popularity in Latin America, where the banking sector is severely lacking. This development will help empower the growing user base of cryptocurrency users in Latin America.
📢 US accounts are now available in Decaf Wallet!!
Get a US account in 2 minutes! 🇺🇸
You or anyone can transfer US dollars to this account and you will receive it as US Dollar/US Dollar.
No early access fee: $1 = 1 USDC 😱 pic.twitter.com/FVYkiQ8Gu2
— Decaf ☕ (@Decaf_so) August 7, 2024
Most importantly, it will help individuals in countries where the financial system often lacks financial support.
in interview With Stellar, Fernanda Orduna, co-founder and developer of Decaf, explained why the platform was created:
““They don’t have a lot of options. They don’t have financial freedom. This is happening everywhere in Latin America and especially now, for example, if you look at Argentina, Venezuela, Colombia, people have a real need.”
XLM currently has a market cap of $2.9 billion. Chart: TradingView.com
Stability and low volatility support XLM’s upside
At the time of writing, the token is currently in a difficult position to secure its gains of the past 24 hours. XLM is trading between $0.1003 and $0.1058, a price range that bears have historically held.
XLM bulls may find some relief in this price range. The low volatility of the token may be followed by stable prices which will give bulls enough time to gain momentum to achieve a breakout towards $0.1058 in the long term.
The long-term future depends entirely on the overall market environment. With private equity firms, Signal The financial market will not be spared from further pain once stocks start flashing red. The high correlation between XLM and Bitcoin will play a role in this case.
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But Stellar’s entry into providing blockchain solutions to real-world problems could help slow or stop the downward trend. Investors and users will see value in Stellar’s use case, thus boosting XLM by a few percentage points in the next couple of weeks.
Featured image by Zipmex, chart by TradingView