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

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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.”

The post Stellar Lumens [XLM] fails to perform in the market post Blockchain announcement appeared first on AMBCrypto.