XLM Gears Up for Major News: Is Elon Musk Investing?

Last Updated September 13th 2023
3 Min Read

Key Takeaways -

  • Elon Musk's potential involvement with Stellar (XLM) is fueling high speculation, especially after social platform X secured a currency transmitter license.
  • Stellar's upcoming announcement on September 12 has the community eagerly awaiting what could be a pivotal moment for the cryptocurrency.
  • Despite the buzz, Stellar's current market cap of $3.4 billion doesn't place it among the top 20 cryptocurrencies.

The cryptocurrency world is abuzz, and Stellar (XLM) is at the heart of the excitement. A recent tweet from Stellar's official account has not only fueled speculation but also pushed its native token, XLM, past the $0.12 mark. Adding to the intrigue are rumors about Elon Musk's potential involvement.

The Buzz and Expert Opinions

Stellar recently hinted at an "imminent and cool" revelation through a tweet, driving the price of its native token, XLM, beyond the $0.12 benchmark. Market analytics firm Santiment suggests that XLM could be on the verge of a significant breakout. Frequent short-selling might lead to liquidations, further boosting its value. In the last 24 hours, XLM's price has shifted from $0.116 to $0.126, and if it breaks certain resistance levels, it could aim for the $0.135 mark.

XLM in the Crypto Landscape and Their Strategic Moves

While Bitcoin hovers around $26,000 and Ethereum trades close to $1,635, Stellar's XLM has seen a 10% price surge within a day. It's currently the 22nd largest cryptocurrency, with a market cap of $3.4 billion. But Stellar isn't just riding the hype; it's making calculated moves. It has formed key partnerships to streamline cross-border payments, including ties with Circle and MoneyGram International, where Stellar recently became a minority stakeholder.

The Elon Musk Factor and What's Next

The Elon Musk Factor and What's Next

Speculation is running rampant about Elon Musk's potential involvement with Stellar, particularly in the wake of social platform X (formerly known as Twitter) obtaining a crucial currency transmitter license. This development has added another layer of intrigue to the already buzzing cryptocurrency landscape.

However, it's essential to note that Stellar's current market capitalization, sitting at $3.4 billion, doesn't yet position it among the top 20 cryptocurrencies in the global market.

The Stellar community, both investors and enthusiasts alike, is on the edge of their seats in anticipation. They are eagerly awaiting a significant announcement from Stellar, scheduled for September 12.

This forthcoming revelation has the potential to be a pivotal, perhaps even transformative, moment for the cryptocurrency market as a whole. The air is thick with excitement and curiosity about what this could mean for Stellar's future and its position in the increasingly competitive world of digital currencies.

Read More: