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Stellar (XLM) up 10%, Here's Key Driver

Thu, 07/27/2023 - 08:21
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Godfrey Benjamin
Stellar seeing impressive growth in its off-ramp locations, higher than any other blockchain
Stellar (XLM) up 10%, Here's Key Driver
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At a time when Bitcoin (BTC) and most altcoins are wriggling out of their bearish dive with slight gains, Stellar (XLM) is notably charting an impressive rally across the board. The cryptocurrency is trading at a price of $0.16, up by 10.2% at the time of writing. A deep dive into the coin shows that the growth is being fueled by an impressive surge in trading volume of about 68.69%.

Stellar (XLM) Breaks out With 13% Increase Following This Promising Sign

Stellar represents one of the crypto ecosystem's most prolific payment networks that aims to bridge the financial inclusion gap for users in areas with limited access to digital payments. In recognition of its stride, the protocol is now ranked as the top blockchain for off-ramp locations by asset.

As shared on its official X account, Stellar-based USD Coin (USDC) stablecoin can be accessed at 322,000 off-ramp locations. These figures compare with the USDC on Ethereum, which can only be accessed at 30,180 locations. The Stellar XLM token itself can be accessed at 26,221 locations, making it one of the most accessible native cryptocurrencies around today.

Stellar is a direct competitor to XRP, and while both vie for the same market share, it has been able to carve out a unique niche for itself, a trend that is bolstering its outlook at the moment.

XRP Victory Boosts Stellar (XLM) by 54%, More to Come

Stellar and steady uprising

Thus far this year, XLM has been well featured in the list of protocols that has maintained a relatively positive growth surge, an indication of massive embrace among its users. Earlier this year, U.Today reported earlier that the protocol floated its first U.S. mutual fund on a public blockchain, a product that shows Stellar is much more than a payment token.

Through a series of major price hikes and functional partnerships, Stellar remains one of the most consistent protocols around today.

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About the author

Godfrey Benjamin is an experienced crypto journalist whose main goal is to educate everyone around him about the prospects of Web 3.0. His love for crypto was birthed when, as a former banker, he discovered the obvious advantages of decentralized money over traditional payments. With his vast experience covering various aspects of Web3, Godfrey's articles has been featured on, Cryptonews and Coingape, among others.