The Stellar project has been doing well since its inception. The platform has done a lot of work per adoption around the world. If you’ve never participated in a Stellar airdrop, this may be your chance to participate as Coinbase recently announced that it is giving away $100 million in Stellar (XLM). This Stellar airdrop is going to impact the Stellar price prediction 2019 long-term. However, the Coinbase Stellar airdrop will do more than boost the price of XLM.
How Will The Stellar Airdrop On Coinbase Affect The Stellar Blockchain?
Two days ago, Coinbase, the American cryptocurrency giant, announced that it would be giving away $100 million in XLM in an upcoming Stellar airdrop. Each person will have the chance to earn at least $50 in XLM. The goal of this stellar airdrop is to boost cryptocurrency education among its users and incentivize them for their loyalty. To participate in this stellar airdrop, simply having a Coinbase account isn’t sufficient. You have to watch the Stellar educational videos and share these videos with your friends to earn tokens.
This Coinbase Stellar airdrop is coming just months after Blockchain.com started its own Stellar airdrop to give out $125 million in Stellar (XLM) tokens. Just like the Stellar airdrop being hosted by Coinbase, this airdrop was also geared towards adoption. Additionally, it was meant to serve as an incentive to users who participated in the Blockchain.com know-your-customer verification process. Meanwhile, the Stellar Development Foundation is making plans to give away $7.7 billion in another Stellar airdrop. For a certainty, the Coinbase Stellar airdrop along all the other Stellar airdrops will promote awareness of the Stellar network. The question is, how will it affect the Stellar XLM token?
Stellar Airdrop And The Price Of XLM
All the Stellar airdrops put in place are going to put a lot of XLM tokens in circulation. This Coinbase airdrop for Stellar is the largest airdrop the company has ever hosted and it is sponsored by the Stellar Development Foundation. While it is going to promote adoption for the Stellar token and Stellar network, it may put too much pressure on the price of XLM and may lead to a drop. This is because pumping more tokens into circulation reduces scarcity and may have a negative impact on price.
According to a post on Decrypt, Stellar airdrops are great short-term but not so much long-term. More cryptocurrency enthusiasts may join the Stellar community due to the hype generated by the Stellar airdrop. DApps developers will also join the Stellar blockchain and start developing apps. However, the price of the native token will suffer the effect long-term. Stellar airdrops don’t guarantee that the network is here to stay or that the Stellar (XLM) token will spike in price long-term.
Stellar (XLM) Price Today – XLM / USD
At the time of writing, Stellar (XLM) was trading in red against the USD at $0.106657. This means that it is down by 0.14% against the USD and down by 0.32% against BTC. The 24-hour trading volume is $232,963,005 and the market capitalization is $2,051,881,262 per CoinMarketcap.com.
What do you think about the Stellar airdrop being hosted on Coinbase? Will the Stellar price prediction 2019 be impacted by the Coinbase airdrop? Share your thoughts in the comment section.