- 50 Million XLM Moved to Kraken From Stellar Development Foundation
The XLM digital currency is the latest of the crypto asset class that we will be reporting on. For today’s Stellar news, it has been revealed that a bulk sum of the XLM currency was transferred from one exchange to another. The Twitter page that keeps track of crypto transactions, the Whale Alert, posted this past Sunday that the SDF (Stellar Development Foundation) wired the sum of 50 million XLM to another exchange known as Kraken. Under the user comment thread for the Whale Alert Twitter account, the Stellar community expressed its indignation over the matter. The community reportedly despises an expected XLM dump due to the transaction.
XLM Community Speculate that the Situation is Related to XRP’s Transactions by Ripple from Escrow
About 20 hours ago, the Stellar Development Foundation reportedly transferred a little over $3,600,000 worth of XLM to Kraken exchange. $3,600,000 in XLM is 50 million XLM. As a result of this action, the Stellar community is disappointed and expecting a dump. Looking at the comment thread under the Whale Alert Twitter account you will users expressing their displeasure at the move by SDF.
This dump means Stellar Lumens XLM token may have a price decline. In the case of the XLM cryptocurrency, it appears that the Stellar community believes the situation is similar to the numerous XRP transfers made by Ripple from Escrow. It can also be compared to when Ripple sent large amounts of its XRP coin to several entities, including charity organizations.
Stellar (XLM) Price Today – XLM / USD
Name Price $7,239.46 0.898% $0.053 0.325%
Many people in the XRP community can recall that the large ‘XRP dumps’ have since been preventing the price of the asset from surging. The price of XRP has remained under the $0.3 area for far too long and it seems it will be unable to move past this level for the time being. For a while now, the XRP army has been expecting a rise in the price of XRP since Ripple has continued striking new partnerships (and now has over 300 new collaborations this year alone).
One of the most prestigious clients that Ripple added this year is the global remittance firm MoneyGram. MoneyGram now uses Ripple’s On-Demand Liquidity product and the XRP token. Two weeks ago, Stellar cut off half of its total supply by burning 50 billion tokens. This move made the price of XLM to surge by 25%. However, the XLM community took the move by SDF to carry out coin burning skeptically.