In recent news, a large amount of XLM had been moved, amounting to nearly 800 million tokens. Whales had been responsible for moving the crypto, and this had occurred following the launch of an ETP that is based on XLM.
XLM is the native cryptocurrency of the Stellar blockchain. It was founded in 2014 by Jed McCaleb, the co-founder of Ripple as well as the founder of Mt. Gox. McCaleb launched the Stellar network after parting ways with Ripple, and the XLM token is his own version of the XRP token. The Stellar network is a community-owned, distributed as well as open-source network that is mainly used for the purpose of facilitating cross-asset transfers of value. Furthermore, much like XRP, Stellar.org is also centralized and can handle microtransactions and cross-platform transactions just like Ripple’s token. The main difference, however, is that Stellar.org is not for profit, and the platform is decentralized and open-source, unlike that of Ripple.
XLM Moving Around
Whale Alert, a blockchain service meant for tracking and monitoring those movements that are large in nature and regarding digital currencies, had noticed that nearly 800 million XLM had been moved by various holders within the previous 15 hours. Nearly eight lumps of XLM had been moved by users who are still anonymous in nature, and the amount of 800 million XLM is currently worth about $351,697,770. As of the time of this writing, XLM‘s price is at $0.42, and it is also currently listed as the 15th highest ranked cryptocurrency in terms of market capitalization.
Also read:Not only is this the very first mass movement of XLM tokens in a relatively long time, but it is also indicative of the volatile nature of the crypto industry itself. XLM holders will certainly be keeping a close eye on what transpires in the near future.
Why Whales Moved Such A Massive Amount Of XLM?
For those wondering as to why such a huge amount of XLM had been moved, they need not look any further than the concurrence of a recent event that took place just a couple of days ago. On the 22nd of April 2021, both XLM along Cardano’s ADA had been listed on SIX, an exchange based in Switzerland.
The ETPS had been launched with the assistance of 21Shares, an investment product and services provider which is also based in Switzerland. Switzerland itself is considered one of the most friendly and open-minded nations when it comes to cryptocurrency.
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