The price of Stellar Lumens [XLM] has surged at least 5 percent since reports of a possible listing on Coinbase exchange surfaced. Though it is still unconfirmed if Coinbase is about to list XLM tokens, it has not stopped the surge of activity around the token.
Stellar [XLM] Price Watch
Stellar is currently the fifth-ranked cryptocurrency with a total market cap of $5.15 billion according to data from CoinMarketCap. While other top cryptocurrencies saw their stock go down in the last 7 days, XLM traced an upward chart reaching 5 percent gains when it reached $0.27 on Nov 11. At the time of writing, Stellar [XLM] is trading slightly over $0.27 still green from the last 24 hours.
Currently, XLM has a trading volume of $114,419,536 which more than two times the volume it had two days ago. On Binance exchange where the majority (over 30%) of XLM trades happen, only Bitcoin [BTC], Bitcoin Cash [BCH] and Ethereum [ETH] have been traded more than XLM in the past 24 hours.
Here is a chart of Stellar from Sunday to Monday.
According to the chart, the stellar price has shown some volatility while making its way upward. Earlier on, the price and the market cap remained within the same bracket for a few more hours before some major changes later in the day. The price and the market cap both dipped to $0.2633 and $4.98 billion respectively before a steady growth followed a surge in activation around the token. The 24-hour trade volume increased by 25% during as the price reached $0.2840 with a total coin market cap of $5.37 billion. The price has slightly corrected at the time of writing.
Stellar [XLM] Rivals Ripple [XRP] for Cross-border Payments
If Stellar is indeed listed on the Coinbase platform, it would win one over its rival Ripple which has for long sought to be listed on the U.S.-based platform. As Smartereum reported, Coinbase has improved its token listing policy and has added at least two ethereum-based tokens alongside ethereum classic [ETC] in a short period.
The exchange has consistently overlooked Ripple [XRP] despite call from the community to list the token which is currently the third largest by market cap. Listing Stellar [XLM] will XRP’s omission all the more obvious.
Ripple and Stellar rivalry stem from their application in the Fintech space. Just like Ripple, Stellar’s goal is to make the country to country payments cheaper, faster, and more efficient at every given time. The difference between the two, however, is that while Ripple is more focused on providing banks with these services, Stellar is focused on servicing individuals. To understand the Similarities and differences between Ripple and Stellar as well as their activities, read our opinion piece.
Stellar Building Adoption Base
Last week, Stellar Development Foundation, the nonprofit organization responsible for Stellar Lumens announced a partnership with popular cryptocurrency wallet provider Blockchain. As Smartereum reported, the arrangement will see Blockchain help foster the adoption of XLM by airdropping $125 million worth of XLM tokens to its customers.
The airdrop becomes the largest in the history of cryptocurrency giveaways by a wide margin. Before now, Dfinity held the record after its $35 million airdrop in June.