A while ago, the largest airdrop in the history of cryptocurrencies started and XLM was the chosen coin. Blockchain, a cryptocurrency-based wallet provider announced that it is going to host an airdrop for all its customers in partnership with the Stellar Development Foundation. The airdrop, which is going to last for six months, is referred to as the largest airdrop in cryptocurrency history as it will involve XLM tokens worth $125 million. Those who are using Blockchain’s wallet for the first time will get $25 worth of XLM tokens each. Pre-existing customers will enjoy what is left. The company didn’t state how many tokens will be given to its former customers.
Stellar (XLM) Price Today – XLM / USD
The airdrop is going to take place in batches. As a Blockchain Wallet owner, you are only entitled to enjoy batch throughout the six-month period. All users must use wallets with verified identities.
While this is the largest airdrop Blockchain has ever supported, it isn’t the first. In the past, the company used airdrops to promote decentralization. It also allowed users to enjoy the privilege of trading new assets without mining or buying them. Blockchain chose Stellar for this airdrop because it is one of the cheapest and highest performing blockchains in the industry today. The scalability of the Stellar blockchain is also commendable. This is why millions of transactions can be performed at a given time without issues. To complete the airdrop, Blockchain has entered into partnership with two other startups namely Network for Good and Code.org.
How Has This Influenced The Price Of Stellar
Over the weekend, Stellar was able to break the significant resistance at $0.25 spiking up to the $0.27 level. On a weekly basis, the cryptocurrency is up by almost 10%. This was interesting as the entire market was struggling to stay green throughout the week and the weekend.
The momentum started to build right after Blockchain announced that it was hosting the airdrop for the benefit of its $30 million users. The airdrop is in celebration of this milestone and it is also an opportunity for Stellar to drive adoption. People who didn’t have a Blockchain wallet prior to the announcement, got one right after in a bid to benefit from the airdrop. The attention on the coin was what allowed Stellar to outperform the entire cryptocurrency market.
To confirm how well Stellar is doing, note that the benchmark index for large-market capital coins AltDex 100 is down by 1.5% but Stellar is up by 10% this week. Currently, Stellar is correcting lower against the USD while still trading in green at $0.272452. This shows that it is up by 1.69% against the USD and up by 1.38% against Bitcoin.
How Is Stellar Lumens (XLM) Doing Now?
Still the 5th largest cryptocurrency, XLM has a market capitalization of $5,158,875,481. Over a 24 hour period, the trading volume is up at $114,424,268. If XLM continues to trade in green, it might be ripe for more gains this week. While the airdrop is a catalyst that influenced the rise in price, it’s not clear if the coin will be able to hold the momentum throughout the duration of the airdrop or even throughout the month of November.