Deal Between Stellar Lumens And Poloniex May Be The Game Changer For Stellar Lumens XLM

Stellar Lumens News Today – Stellar Lumens XLM like every other cryptocurrency in the market has been struggling to overcome the bearish storm. The price of the token has been staggering even before the bear grip took a hold of the whole market. Now, the price of Stellar Lumens is moving lower than its 2017 levels despite the free Stellar Lumens airdrops that are being hosted by the Stellar Development Foundation. However, the possible collaboration between Stellar Lumens and Poloniex may be a ray of sunshine that the Stellar Development Foundation has been waiting for along with the Stellar community.

Stellar Lumens News Today – Stellar Lumens Price Prediction 2019 – Stellar And Poloniex To Save Stellar Lumens XLM

Yesterday, Poloniex announced that or would be giving its customers more than 1.2 million Stellar Lumens XLM tokens through the Stellar inflation rewards. The post was as follows;

“Over 1.2M Stellar Lumens have now been distributed to Poloniex customers via Stellar inflation rewards! Learn more about @StellarOrg inflation on Poloniex here: http://ow.ly/rzv950uMwv8”

The exchange has already given out about $96,000 in XLM tokens to qualified participants. The goal of the free Stellar Lumens initiative is to reward clients will promoting the use of the Stellar Lumens token. With more adoption, Stellar would be able to cement its position in the cryptocurrency space as a worthy competitor of Ripple. Right now, Ripple is the strongest threat to Stellar. With Ripple sealing deals with institutional investors more and more on a daily basis, Stellar would need more than free Stellar Lumens airdrops to compete.

Stellar (XLM) Price Today – XLM / USD

NamePrice
bitcoin
Bitcoin
$8,191.44-0.22%
stellar
Stellar
$0.0640.945%

Also, pumping more Stellar Lumens tokens into circulation may not be the best way forward for the XLM price. This is because the Stellar Development Foundation is reducing the scarcity of the Stellar Lumens token by pumping so much into circulation at a given time. Scarcity is key to retaining value. So, while the free Stellar Lumens airdrops may be effective for creating more exposure for Stellar Lumens, it isn’t necessarily a good idea for the long-term price action of Stellar Lumens.

Stellar Lumens News Today – Stellar Lumens Price Prediction 2019 – Current Price Of Stellar Lumens XLM

At the time of writing, the price of Stellar Lumens XLM was $0.083413. This means that it is up by 4.67% against the USD and up by 1.90% against the price of BTC. The trading volume over a 24 hour period is $443,739,488 and the market capitalization is $1,635,274,266. Even if the price of Stellar is way below the $0.1000 level, it is important to note that it managed to take the 10th position by flipping Cardano ADA and Tron TRX. It is also significantly higher than its recent slide to $0.078824. Even if the price of Stellar is currently higher against the USD, the bears still have a say in the market. There is still a strong possibility that they will take back control of the Stellar Lumens price action soon.

What do you think? Is the free Stellar Lumens airdrop by Poloniex the cause of the upward surge in the price of Stellar Lumens XLM today? Share your thoughts in the comment section below.

Max writes about blockchain projects and regulation with a special focus on United States and China. He joined Smarterum after years of writing for various media outlets.

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