• Stellar Lumens [XLM] released an overview of its successful second quarter (Q2) performance, which included integrating its network with institutions and exchanges.
• XLM’s price and volume surged due to this increased adoption, while the social dominance of the token reached a yearly high.
• On-chain data suggested that buying and selling of XLM had taken place, though funding rate was oscillating between negative and positive regions.
Stellar Lumens‘ Q2 Performance Overview
The Stellar Development Foundation released an overview of Stellar Lumens‘ [XLM] second quarter (Q2) performance on July 19th. The report highlighted significant steps taken towards their roadmap for 2023.
Deployment of Use Cases
The Anchor Network was deployed through SEP-24, which enabled off & on-ramp services while improving the process of wallet connection. This made it easier for projects to build on Stellar while decreasing development time & costs. Furthermore, Circle’s [USDC] deposits & withdrawals were enabled on Coinbase, allowing retail & institutional investors to access stablecoins more easily. As a result, stablecoin supply held by whales increased to 52.60%. Additionally, XLM’s social dominance has skyrocketed lately – reaching a yearly high of 1.75%.
Price Action
The uptake in usage has been reflected in the XLM price as well – increasing by 71.92% in the last seven days at press time to $0.166 per token. The on-chain data also showed that there had been much buying & selling activity – with a volume of 1.19 billion over 24 hours at press time according to Santiment’s analysis..
Funding Rate Oscillations
However, despite this positive news for XLM holders, the funding rate over the last few days have been oscillating between negative & positive regions – making it difficult to predict where exactly is XLM headed through..
Conclusion
In conclusion, it appears that with more development & adoption taking place for Stellar Lumens [XLM], this could be an exciting quarter for those invested in the cryptocurrency asset!