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Stellar Lumens [XLM] fails to perform in the market post Blockchain announcement

Priya

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Stellar Lumens [XLM] fails to perform in the market post Blockchain announcement
Source: Unsplash

Stellar Lumens [XLM], the sixth biggest cryptocurrency in the market, enjoyed the bull run which took place earlier this week. The coin made an uproar in the cryptoverse with Blockchain’s announcement on their official portal which stated that they would airdrop $125 million XLM. This announcement set the market ablaze as it turns out to be the biggest giveaway to be taking place in the cryptocurrency space.

The giveaway is a celebration for adding XLM on Blockchain wallet, which was initially a Bitcoin concentric wallet. Blockchain has promised to giveaway over $25 worth of XLM to all the users with verified accounts. The platform stated that the Stellar network is “built for scalability”. The coin allows for quick, low-cost and worldwide transactions, which is one of the main reason for listing the coin on their wallet.

The wallet supports a total of four cryptocurrencies, including Bitcoin [BTC], Bitcoin Cash [BCH], Ethereum [ETH] and the recently added, Stellar Lumens [XLM].

Peter Smith, the CEO and co-founder of Blockchain said on Twitter:

“Excited to add #XLM to the @blockchain wallet today and announce a $125M airdrop – the biggest digital giveaway ever. We’ll be giving millions of people their first $20 of crypto over the next few months”

He further said:

“We’re excited to help the @StellarOrg build an ecosystem, alongside their other partners inclu @stripe and @IBM, by bringing millions of users onto the Stellar network.”

The announcement resulted in the coin gaining a momentum in the market, however, it failed to have a massive impact on its price. According to CoinMarketCap, XLM was trading at $0.25 with a market cap of more than $4 billion. The trade volume of the coin was over $74 million and had seen a downfall of around 3% in the past 24 hours.



Stellar Lumens [XLM] Price Chart | Source: CoinMarketCap

Stellar Lumens [XLM] Price Chart | Source: CoinMarketCap

Additionally, according to reports by CoinGekco, Stellar Lumens turned out to the second biggest platform for ICOs with over 6% market share, after Ethereum. Stellar was followed by NEO, NEM, Achain, Waves, EOS, Zilliqa, Komodo, and Hyperledger.

Drive Markets stated on Twitter:

“Over 85% of ICOs are issued on Ethereum according to @coingecko and Stellar is in second place with 6% market share”

Stellar Lumens ICO market share | Source: CoinGecko

Stellar Lumens ICO market share | Source: CoinGecko

DU09, a Redditor said:

“Not surprised, XLM is second after ETH, unlikely this will change as ETH loses market share. The other competitors are not like XLM, rather an improved version of ETH or BTC, so they won’t scale as easy. Only challenge for XLM is to expand it’s ecosystem and adoption from large investors that so far go for ETH as that already dominates the market and existing infrastructure.”





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Priya is a full-time member of the reporting team at AMBCrypto. She is a finance major with one year of writing experience. She has not held any value in Bitcoin or other currencies.

Altcoins

Rabobank announces plans to drop its crypto-project

Sarvesh Kumar

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Robobank to drop its plans of having their own crypto-wallet
Source: Pixabay

Rabobank, a bank based out of The Netherlands, has decided to drop their idea of creating their own native cryptocurrency called Rabobit. The bank had announced their cryptocurrency plans in February 2018. Rabobank was looking at closing the gap between banks and cryptocurrency wallets. However, they have taken this decision after exploring the field for more than a year.

According to a report by Hard Fork, a spokesperson from the bank said,

“After careful consideration with our customers in mind, we recently decided that now is not the time to develop the idea further and bring it to the next phase of innovation”

Their cryptocurrency idea was part of the Rabobank Moonshot program, which was looking at boosting innovation in Fintech services. The bank does not consider their research a waste, but the same has led to valuable insights and experience in general, the spokesperson added

The spokesperson also said,



“We have learned valuable lessons about our customers and the crypto market and on how to design blockchain and crypto applications.”

The spokesperson cited regulatory uncertainty as the reason why the Dutch institution pulled out of the project. Although the bank has dropped the idea, they will be keeping a tab on the market and the regulatory changes in the industry.

Rabobank is not the only bank to drop the idea of having a cryptocurrency wallet. Recently, ABN AMRO, another Dutch bank, also dropped their plans of “Wallie,” their own cryptocurrency wallet. The reason for their drop was also with respect to regulatory conditions in the industry.





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