Recently, the Stellar Lumens team just burned 55 Billion XLM. It was already reflected in the coinmarketcap.com that the total supply of XLM is now 50 Billion instead of 105 Billion. In the same site, XLM currently sits in rank 10.
For me, the burning of XLM tokens is a catalyst because the funds will be used for the development of XLM ledger and other purposes.
Also, I remembered that when XRP completed its locked-up of 55 Billion XRP in escrow the price massively pumped to $3. While XLM "BURNED" the tokens which lessen the total supply. It's just a matter of time for the demand to kick in.
Based on the chart, it is probable that we will see a breakout from $0.09 and test the resistance line at .$14
Happy Trading! Please do your own charting and research.
For me, the burning of XLM tokens is a catalyst because the funds will be used for the development of XLM ledger and other purposes.
Also, I remembered that when XRP completed its locked-up of 55 Billion XRP in escrow the price massively pumped to $3. While XLM "BURNED" the tokens which lessen the total supply. It's just a matter of time for the demand to kick in.
Based on the chart, it is probable that we will see a breakout from $0.09 and test the resistance line at .$14
Happy Trading! Please do your own charting and research.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.