He star price it has fallen 0.5% in the last 24 hours, with its drop to $0.097024 coming as the cryptocurrency market as a whole falls by a similar percentage in the same time frame.
XLM is now down 3.5% in the last week, but is up 14% in the last 30 days, with the altcoin also gaining 36% since the start of the year.
Such moves come in a mixed period for Stellar, with its ecosystem recently celebrating the launch of personal finance app WisdomTree, but with its network also looking set to face increasing competition from the Federal Reserve’s new instant payment network, FedNow.
For this reason, traders looking for a less ambiguous investment may prefer coins that are positioned to see strong gains in the near future, with the successful Thug Life Token (THUG) pre-sale suggesting it will rally big once it is listed. .
Stellar Coin Goes to Zero as XLM Price Drops 3%
The XLM chart is in a relatively weak position at the moment, with its Relative Strength Index (purple) struggling just above 40, after passing very close to 30 yesterday.
This suggests that the altcoin is being oversold at the moment and may not be strong enough to recover just yet, a perception also supported by the token’s 30-day moving average (yellow).
This indicator appears to be sloping down towards the XLM 200-day average (blue), which means further declines are likely in the coming days.
As noted above, Stellar has seen both positive and negative news in recent weeks, with BlackRock-backed WisdomTree launching its own personal finance app yesterday.
This is important because the WisdomTree app, which allows users to invest in cryptocurrencies and more traditional assets, runs on the Stellar blockchain.
However, this launch has not had a very positive impact on the price of XLM, and the coin has arguably been more negatively affected by the emergence of FedNow, the Federal Reserve’s new instant payment system.
Because FedNow is designed to provide fast and cheap cross-border and domestic payments, there are concerns that it could take away commercial business from Stellar.
In turn, this could weaken the price of XLM in the long term, a possibility that could help explain why Stellar has underperformed today, even with yesterday’s release of WisdomTree.
Crypto Whales Is Hoarding This New Meme Coin Instead – Only 4 Days Left
As XLM appears to be on shaky ground at the moment, it may be worth investing in other coins, particularly tokens with likely rallies on the horizon.
A good example of this is the Thug Life Token (THUG), an ERC-20 meme coin that has already raised over $1.3 million in its pre-sale, which will end in just under four days.
THUG’s handpicked memes come from the gangsta rap and hip-hop communities, and their styles help it appeal to a broader group of buyers.
While THUG is a pure meme token in the sense that it has no significant utility, it’s clear that it has already been successful in cultivating a healthy community, as indicated by its surge.
Such a community will help it bounce back when listed on exchanges and will also help support its price in the long run, with pre-sale allocated to 70% of THUG’s total maximum supply of 4.20 billion.
This high allocation means that the THUG community will have a larger stake in it than is available with many other meme coins, most of which tend to be listed directly (and their issuers own most of their supplies).
It’s easy to join the THUG pre-sale: just go to the official Thug Life Token website and connect your software wallet, before choosing the amount of the token you want to buy.
1 THUG costs $0.0007, however this is a price that could easily rise much higher when the meme token is added to exchanges in the coming weeks.
Visit Thug Life Token now
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all your capital.
