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Title: 245,000,000 Stellar (XLM) in 5 Minutes, What’s Happening?
Stellar’s Price May React Badly to Recent Transfers
The cryptocurrency market is currently experiencing a period of consolidation, and recent transfers on the Stellar network may not be well-received by the market. As a result, XLM price may react negatively to these transactions.
At press time, XLM was trading at $0.2354, a 2.2% decline from yesterday’s prices. This comes after the cryptocurrency reversed its recent sell-off trend.
While the actual increase in the circulating supply is minimal due to the whale transactions, the sentiment surrounding these transfers may fuel a chain reaction on the retail market. Many traders are more focused on other key growth fundamentals around Stellar, including the bullish XLM futures outlook.
Similar whale transactions have been recorded in the past for other altcoins, and their impact on the market has been significant. The recent spike in actual circulating supply is unlikely to be met with positivity by investors, potentially leading to a sell-off in XLM prices.
The current market sentiment does not support any potential price gains from this event, and it remains unclear what effect these transfers will have on Stellar’s overall performance.
Source: https://u.today/245000000-stellar-xlm-in-5-minutes-whats-happening
