Stellar Foundation Reveals Impressive Achievements as Its Cryptocurrency Soars in Value
The Stellar Development Foundation (SDF) released its Q3 2024 report, highlighting unprecedented growth in its network and a notable increase in the value of its cryptocurrency, XLM. With over nine million active addresses, Stellar (XLM) is positioned as a key player in the financial services ecosystem.
Technical analysis shows XLM is above the 25, 50, and 200-period moving averages, indicating a clear bullish trend / TradingView
Exponential Growth of the Stellar Network
The SDF report reveals that the Stellar (XLM) network has surpassed the nine million address mark. This is a significant milestone that reflects the growing interest and adoption of blockchain technology. During this quarter, the Enterprise and Matching Fund invested over five million dollars in startups and long-standing partners, driving innovation in the financial sector.
Additionally, the SDF launched version 6.0 of its platform, resulting in the largest number of submissions received to date. This advancement adds to the network's interoperability, with 5 protocols now tracked, increasing visibility and collaboration within the ecosystem.
Franklin Templeton and new features
The Benji investment platform, developed by Franklin Templeton on Stellar, reached an all-time total supply of approximately $450 million. This growth is a testament to Stellar's potential to transform traditional financial services.
The SDF is also finalizing work on new features that will include support for BLS. This will allow for the creation of innovative security and privacy features on the network. Wallets in the Stellar ecosystem are evolving, incorporating new features such as bill payment and other useful tools for users.
A booming market for XLM
In parallel to these developments, the price of the Stellar cryptocurrency (XLM) is experiencing a remarkable increase of 155.07% in the last month. Currently, XLM is trading at $0.2485, with an increase of 7.67% in the last day. This rally follows a period of sideways trading that had been ongoing since December 2022, breaking through resistance at $0.1599.
Technical analysis shows that XLM is trading above the 25-, 50-, and 200-period moving averages, indicating a clear bullish trend. However, the Relative Strength Index (RSI) stands at 82.84 points, suggesting that the cryptocurrency could be in an overbought zone, although it maintains positive momentum.
SDF's Q3 2024 report not only highlights the growth of the Stellar network, but also underlines XLM's potential in an increasingly competitive market. With constant innovations and increased adoption, Stellar is positioned as a leader in transforming financial services.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. Investing in cryptocurrencies involves risks and thorough research is recommended.
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