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Stellar (XLM) led the top 100 cryptocurrencies heading into June 28, maintaining 9% gains over the previous 24 hours at the time of publication.
The chart below illustrates how Stellar’s price rode the broader market uptrend, driven by recent Bitcoin spot ETF applications from established financial firms.
On June 27, the daily candle recorded a 12% upward swing, peaking at $0.1033. The morning of June 28 saw further upward movement, reaching a high of $0.1059 and marking a 70-day high. However, significant sell pressure has since pushed the price lower.
Source: XLMUSDT on TradingView.com
Stellar recently announced its collaboration in Nigeria with digital money transfer company Tempo and financial technology firm Cowrie.
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Both firms developed solutions on the Stellar network to address the issues associated with traditional remittance methods, which were identified as slow, cumbersome, and expensive.
By linking Cowrie’s 1-to-1 backed NGNT token (pegged to the Nigerian Naira) and Tempo’s EURT token, a “bi-directional NGNT-EURT corridor” was established. This provides Nigerians with remittance access to more than 50 countries, including on-ramping and off-ramping capabilities in domestic currency.
Stellar stated that its technology is delivering real-world impact by enabling “fast, flexible, and borderless transfers powered by blockchain.”
On June 23, Coinbase added Stellar support for USD Coin (USDC), enabling USDC withdrawals and deposits on the Stellar network. The company noted that this move provides a significant on/off ramp for USDC holders, leveraging the breadth of its ecosystem.
The post Stellar Surges 12% to 70-Day High, Outpacing Top 100 Cryptocurrencies appeared first on CryptoSlate.
