Stellar (XLM) Crypto Asset Soars 180%, Founder Calls It 'Undervalued and Misunderstood'

In the past week, Stellar's (XLM) crypto asset recorded an increase in price of up to 180%. This increase strengthens Stellar's position in the main crypto ranks

Stellar (XLM) crypto asset prices have soared up to 180% over the past week. This surge has propelled Stellar up the ranks of major cryptocurrencies, particularly in the blockchain payments sector. So, can XLM maintain this bullish momentum or will it reverse course?

Stellar's market cap now stands at 17.3 billion US dollars (Rp273 trillion), surpassing Shiba Inu and nearing the top 10 largest cryptocurrencies globally. Over the past 30 days, XLM has surged 480%, trading at Rp8,943 from around Rp3.000. Stellar's skyrocketing price brings it closer to its all-time high record (ATH) of 0.6342 US dollars (or around Rp10,020).

Stellar founder Jed McCaleb has called the project "the most underestimated and poorly understood crypto." In a post on social media platform X, Caleb highlighted Stellar's potential, which he said is yet to be fully realized.

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The surge in XLM prices was also supported by historical trends. Previously, XLM experienced similar surges in November 2017 and 2021, showing a cycle pattern that is now repeating. If the token manages to cross a major resistance level, analysts are optimistic that it could break its long downtrend and enter a bullish phase.

At the time of writing, November 26, 2024, the price of XLM was trading at the level of IDR 7,862. Data from Coingecko shows that the price of XLM had fallen by 5.7% in the last 24 hours. The decline in the price of XLM and other altcoins was triggered by a correction in the price of Bitcoin, which caused most altcoins to decrease.

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