Stellar Lumens XLM – September 10, 2019

  • Stellar team to give out 100 billion XLM tokens in major airdrops.
  • 2 million tokens were given out to Keybase users on Monday.
  • Stellar Lumens XLM airdrops may be contributing to a decline in the price of the XLM token. 

Stellar Lumens XLM News – The Stellar team doesn’t hold back when it comes to hosting airdrops. Recently, the Stellar Development Foundation announced that it is making plans to host another airdrop to give out 100 billion XLM tokens to Keybase users. The airdrop will be in collaboration with Keybase. Keybase, which currently has about 300,000 active users, is one of Stellar’s partners. All these users will be able to get XLM tokens as long as their Keybase accounts are authenticated. The airdrop will last for more than 20 months. Yesterday, users got about 2 billion XLM tokens which amount to millions in USD.

Stellar Lumens XLM To Give Out Millions In XLM Tokens To Keybase Users

The announcement from Keybase was as follows;

“All you have to do is have an authenticated Keybase account, and your XLM will appear in your wallet – automatically, every month, for as long as the airdrop continues.”

The CEO of the Stellar Development Foundation Denelle Dixon, while speaking to the cryptocurrency news agency, CoinDesk, said that this Stellar airdrop with Keybase is going to go a long way in promoting adoption for the Stellar Lumens XLM token. The post was as follows

“The foundation’s mandate is to deliver lumens [XLM] into the world. This is part of that plan. The up to 2 billion is a great way. And we will have checks along the way.”

Stellar (XLM) Price Today – XLM / USD

Name Price
bitcoin
Bitcoin
$10,315.55-0.55%
stellar
Stellar
$0.0572.63%

The partnership between Stellar and Keybase started in March 2018 when they made a major investment in Keybase that was large enough to make the company’s Series B funding round irrelevant. Dixon continued;

“The number seems much more rational when looked at over 20 months. It demonstrates that we think this is a valuable opportunity for users of Keybase to get to know us. They aren’t crypto-first.”

Using their Keybase app, users can send Stellar Lumens XLM tokens from one account to another. This is no doubt going to increase adoption for Stellar Lumens XLM.

Stellar Airdrop May Affect The Already Falling Price Of XLM

This isn’t the first Stellar airdrop the Stellar Development Foundation is hosting. Hosting Stellar airdrops is one of the key identifiers of the Stellar Development Foundation. However, there are many members of the cryptocurrency community who believe that Stellar airdrops will affect the price of the token long-term. By hosting so many Stellar airdrops, the Stellar Development Foundation is pumping too many tokens into circulation without the equivalent demand. With the supply above the demand, the price will drop. This may partially be responsible for the drop in the price of Stellar Lumens XLM according to some analysts.

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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