Stellar spikes 12% to hit 70-day high, outperforming top 100 coins
Stellar's strong price performance sees it lead the top 100 coins.
Stellar (XLM) led the top 100 coins going into June 28, holding on to 9% gains over the last 24 hours as of press time.
The chart below shows the price of Stellar rode the buoyant market uptrend due to recent Bitcoin spot ETF applications by legacy firms.
On June 27, the daily candle experienced a 12% swing to the upside, peaking at $0.1033. The morning of June 28 saw further move higher, topping out at $0.1059 – marking a 70-day high. However, since then, significant sell pressure has dipped the price lower.
Stellar recently publicized its work in Nigeria with digital money transfer company Tempo and financial technology firm Cowrie.
Both firms built solutions on the Stellar network to tackle the problems of traditional remittance methods, which were highlighted as slow, cumbersome, and costly.
By linking Cowrie’s 1-to-1 naria backed NGNT token and Tempo’s EURT token, a “bi-directional NGNT-EURT corridor” is formed, giving Nigerians remittance access to more than 50 countries, including on/off ramping in the domestic currency.
Stellar said its technology is making a real-world impact, 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 firm said the move added a significant on/off ramp for USDC holders, given the breadth of its ecosystem.