Over the past 20 hours, Stellar Development Foundation and crypto whales have shifted an approximate aggregate amount of over 260 million XLM.
In the meantime, the tenth-largest cryptocurrency has surged by over 24 percent due to multiple factors, including DOGE coin—as many in the crypto community believe.
Stellar's XLM surges to $0.31, here's why
The tenth cryptocurrency with the largest market cap has demonstrated a rise of over 24 percent and hit $0.31 after going up from $0.28. A CoinMarketCap chart shows that, earlier today, it managed to reach even higher, to $0.35, but then made a slight pullback.
Many explain the surge of XLM by the hype around DOGE and its rapid rise by over 347 percent over the past 24 hours.
Charts also show that XLM has broken out of a descending triangle that has been forming since the early days of January.
Stellar invests $5 million in Wyre DLT payment firm
Besides, recently Stellar Development Foundation (SDF) invested $5 million in Wyre, a major company that conducts blockchain-based payments. The investment was announced on Jan. 26.
This investment will enable fintech apps based on Stellar to use multiple API-based payments. This will also enable Stellar-powered USDC trading against existing pairs with fiat currencies (GBP, USD, EUR, etc.). The second most popular USD-based stablecoin is set to go live on Stellar in Q1 of this year.
264.8 million XLM shifted by SDF and whales
According to data shared by Whale Alert, over the past 20 hours, a mammoth 264.8 million XLM has been transferred from and to crypto exchanges and between anonymous wallets. In fiat, this sum represents $87,669,644.
Half of this amount was wired within just two hours. Stellar Development Foundation transferred 19,740,998 XLM from this whopping amount. That equals $5,369,544.