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50 Mln XLM Moved From Stellar Development Foundation to Kraken, Community Expects a Dump

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Mon, 11/18/2019 - 13:18
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Yuri Molchan
The community is indignant and expects a dump on the market as Stellar Development Foundation moves 50 mln XLM to the Kraken crypto exchange
50 Mln XLM Moved From Stellar Development Foundation to Kraken, Community Expects a Dump
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As reported by the Whale Alert Twitter page, on Sunday, the Stellar Development Foundation (DSF) wired 50 mln XLM to the Kraken exchange. In the comment thread, the community expresses its indignation and despise towards an expected XLM dump.

Whale Alert reports a 50-mln-XLM transaction

Nearly 20 hours ago, the SDF transferred slightly over $3,600,000 in XLM to the Kraken exchange. The Stellar community is now expecting a dump and is showing disappointment in the comment thread and, therefore, expecting an XLM price decline.

In the case with XLM, the Stellar community seems to believe the situation is the same as with numerous XRP releases made by Ripple Inc from escrow or when it merely sent large amounts of the coin to various organizations, including charity ones.

Many in the XRP community reckon that these ‘XRP dumps’ are preventing the price of the coin from surging. It has remained below $0.3 for a very long time and seems unable to get over this level.

The XRP army has been looking forward to a rise of the price, since Ripple keeps striking new partnerships (over 300 new customers this year). One of the biggest clients added thi year is the global remittance service MoneGram that now uses On-Demand Liquidity and XRP.

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The recent XLM token burn

About two weeks ago, Stellar eliminated around half of the total supply, having burned 50 bln tokens. This made the XLM price surge 25 percent. However, the community took this coin burn skeptically.

As reported by U.Today last week, XLM was among the five coins added to the Coinbase debit crypto card, along with XRP.

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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at yuri.molchan@u.today.