- Stellar’s impressive rise past $0.12 distinguishes it among cryptocurrencies, and an intriguing announcement is on the horizon.
- Reddit users speculate about a potential rebrand, strategic moves with MoneyGram, or collaboration with India’s G20 summit.
Stellar’s XLM has been making waves in the news due to its remarkable rise, confidently surpassing the $0.12 threshold in its trading. This surge distinguishes Stellar from numerous other high-performing cryptocurrencies and garners attention and curiosity within the investment community.
In a September 2nd post, Stellar provided a tantalizing hint about an upcoming release scheduled for September 12th, describing it as “cool.” Although the exact nature of this development wasn’t revealed, Stellar suggested that it would generate a sense of excitement.
Something cool is dropping in 10 days.
Get ready to gear up for a change that's got us all excited. Stay curious 😎 pic.twitter.com/CgNzfzwqmc
— Stellar (@StellarOrg) September 2, 2023
The Stellar community awaits the announcement and has initiated an anticipated countdown. Furthermore, market analytics powerhouse Santiment anticipates a more promising future for XLM. They allude to the potential for a “significant breakout,” turning Stellar into a focal point of discussion among market analysts and investors.
Speculations on Stellar’s Announcement
A Reddit post has triggered a surge of excitement and speculation, promising intriguing news soon. Some users are conjecturing that the impending announcement could signal a rebranding effort in alignment with Stellar’s evolving trajectory.
Among these discussions, one user has floated the idea that Stellar (XLM) could have strategically acquired a minority voting share on MoneyGram’s board, a move laden with potential, contingent upon the establishment of a supportive regulatory framework.
Furthermore, another user has raised the possibility that the news pertains to the highly anticipated G20 summit, scheduled for September 9th and 10th in India. Speculation suggests that India could be collaborating with Stellar in some capacity during this international gathering. The exact nature of this potential collaboration remains an intriguing topic for further exploration. Another User suggested that Stellar might be planning to Burn some of its supply.
Santiment’s Analysis and XLM Sentiment
The on-chain analytical platform Santiment, in a tweet dated September 4th, observed that a prevailing bearish sentiment persisted among XLM traders, primarily attributable to a significant number of open short contracts. However, the same tweet also suggested that an increase in liquidations could potentially reinforce the direction of XLM’s price movement.
📊 As the new week has kicked off, #Stellar is the notable asset that is showing mini breakout potential, with a +8% rise today. $XLM is an asset that has been consistently #shorted by the crowd, and liquidations could pump up the price. Also, keep an eye on $TON, $XMR, and $ARB. pic.twitter.com/ju15ghk1ek
— Santiment (@santimentfeed) September 4, 2023
According to data from Coinglass, XLM witnessed liquidations totaling $311,570 within 24 hours, primarily stemming from short positions. Liquidation occurs when an exchange forcibly closes a trader’s open contract due to either a partial or complete loss of the trader’s initial margin. This action occurs when a trader cannot meet the margin requirements for the position in question or lacks the necessary funds to maintain the open trade.
Nevertheless, despite the ongoing liquidations, traders appear undeterred in their enthusiasm for XLM contracts, as evidenced by the substantial increases in volume and Open Interest (OI). Currently, the Open Interest for XLM has witnessed an impressive surge of 64.30%, reaching a total of $60.15 million.
In contrast, the trading volume has experienced a remarkable spike of 577.60%, reaching an impressive $265.96 million. Open Interest is a key metric for assessing the strength underlying price movements, representing the total number of futures contracts held by market participants at the close of each trading day.
Consequently, this surge in Open Interest suggests a potential for XLM to surpass its current value. According to Coinglass, should this upward trend in Open Interest persist, XLM might approach the $0.15 mark.
