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XLM Prints 73.39% Rise on News of Ukrainian CBDC Collaboration

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Wed, 01/06/2021 - 12:20
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Yuri Molchan
Stellar's XLM has printed a major rise to $0.29, surging by 73.39% over the past 24 hours, while nearly 100 million XLM have been moved with SDF participation
XLM Prints 73.39% Rise on News of Ukrainian CBDC Collaboration
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Ninth-ranked cryptocurrency XLM has demonstrated an over 73 percent surge and printed a major rise to the $0.29 level.

XLM
Image via CoinMarketCap

XLM soars to $0.29 on the news of the future Ukrainian CBDC

Stellar's native coin, XLM, has shown a breath-taking increase of almost 74 percent over the past 24 hours and is now changing hands at $0.29, rising from $0.17.

This has taken place two days after the news came out that the Ukrainian government selected Stellar platform to work on the creation of its CBDC: the digital hryvnia.

A memo of understanding and cooperation, according to the press release, was signed on Dec. 28 between the Stellar Development Foundation and Ukraine's Ministry of Digital Transformation.

The memo stated that Stellar would assist in the creation of the digital asset market in the country, support projects linked to digital assets, help develop regulations for stablecoins in Ukraine and assist in the development of the local CBDC with the Central Bank of Ukraine.

At press time, XLM has surged higher and is now trading at $0.31. This is a two-year high, last seen in May 2018.

XRP
Image via TradingView

Stellar and XLM doing better than Ripple and XRP

Stellar, founded by the same person who cofounded Ripple, Jed McCaleb, and its XLM coin seem to be doing better both in terms of lack of regulatory issues and native asset price.

After Ripple became the target of two lawsuitsfrom the Security Exchange Commission and Ripple's major stakeholder Tetragon Financial GroupXRP is being widely delisted from exchanges, including such giants as Binance US, Coinbase, Bittrex, Bitstamp and others.

Also, on Jan. 5, Grayscale Investments announced the removal of XRP from its Digital Large Cap fund, which now consists of only Bitcoin, Litecoin, Ethereum and Bitcoin Cash. Grayscale XRP Trust remains, though.

Related
Grayscale Removes XRP from Its Digital Large Cap Fund

Almost 100 million XLM shifted

Whale Alert crypto tracker has shared data that, over the past 16 hours, large amounts of XLM have been transferred.

In the course of 11 transactions, 99.3 million XLM was transferred both to crypto exchanges and between anonymous wallets. The majority of XLM was moved with the participation of Coinbase.

Further, a small amount of XLM (5 million coins) was wired by the Stellar Development Foundation to an unknown digital wallet.

The overall amount of XLM wired equals $30,458,943 in fiat USD.

XLM
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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.