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Stellar (XLM) Might be in Trouble – Its Value Keeps Going Down

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Stellar

Stellar Lumens (XLM) has been working hard to rival other cryptos when it comes to providing fast and cheap cross-border money transfers. However, its value keeps dropping, and it might go down even more due to damage in Upbit’s reputation.

Stellar is in trouble despite its best efforts

A lot of cryptos have been trying for a long time now to provide their users with a new way of sending payments across the border, and Stellar is no exception. Its efforts to enable cheap transactions that would also be done in a matter of seconds are advancing. All in all, XLM is pushing hard to become a very attractive crypto.

However, despite these efforts, its investors are still alarmed, and they might decide to give up on this crypto. The reason for this is rather alarming news from South Korea. The country has major concerns regarding one of their largest exchanges called Upbit.

According to some allegations, Upbit might be involved in a fraud regarding cryptos. This has not yet been officially confirmed, but many believe that it is not that surprising, considering that their top volume generator is XLM/KRW.

The exchange has a market cap of around $2.1 billion, but when it comes to Stellar, its trading volume only makes up for around 0.60% on the platform. This means that there are many others who will lose a lot more than Stellar if allegations against Upbit turn out to be true. Still, this does not mean that Stellar won’t be hit hard, and the biggest question is whether or not it can afford to experience such a blow.

Other than Stellar, TRON (TRX) and EOS (EOS) will probably be the currencies which will suffer the most from Upbit’s alleged actions.

The price of XLM continues to drop

According to the CoinMarketCap’s trading volume, XLM currently holds the 35th place. Its total contribution to the market includes only 0.27%, which is extremely low. Its situation regarding the price is worse by the day, and only within the last 24 hours, the crypto lost 9% of its value. The last week has seen a drop of 25.54%, which puts its current value to around $0.33.

With a situation like that, it is not very surprising that the investors are having second thoughts regarding the crypto. They might get under even more pressure if the situation for this crypto doesn’t turn for the better, and soon.

Even a small increase to $0.35 would be enough for them to shake off some of the pressure and regain their trust in the crypto, but whether or not this will happen is something that we should wait and see. For now, there is hope that the weekend will help the situation improve. Whether this hope will be justified or not is anyone’s guess.

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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

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Altcoins

XNO Token of Xeno NFT Hub listed on Bithumb Korea Exchange

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Hong Kong, Hong Kong, 25th January, 2021, // ChainWire //

Xeno Holdings Limited (xno.live ), a blockchain solutions company based in Hong Kong, has announced the listing of its ecosystem utility token XNO on the ‘Bithumb Korea’ cryptocurrency exchange on January 21st 2021.

Xeno NFT Hub (market.xno.live ), developed by Xeno Holdings, enables easy minting of digital items into NFTs while also providing a marketplace where anyone can securely trade NFTs.

The Xeno NFT Hub project team includes former members of the technology project Yosemite X based in San Francisco and professionals such as Gabby Dizon who is a games industry expert and NFT space influencer based in Southeast Asia.

NFT(Non-Fungible Token) technology has recently gained huge focus in the blockchain arena and beyond, making waves in the online gaming sector, the art world, and the digital copyrights industry in recent years. The strongest feature of NFTs is that “NFTs are unique digital assets that cannot be replaced or forged”. Unlike fungible tokens such as Bitcoin or Ether, NFTs are not interchangeable for other tokens of the same type but instead each NFT has a unique value and specific information that cannot be replaced. This fact makes NFTs the perfect solution to record and prove ownership of digital and real-world items like works of art, game items, limited-edition collectibles, and more.

NFTs are already being actively traded in markets globally. For…

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Altcoins

Should Crypto Projects Devote Resources to Community Growth and Marketing?

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2020 has been an incredible year for crypto as investors have generated windfall profits and crypto projects have seen their businesses gain the spotlight they’ve been looking for.  While Bitcoin has received most of the attention after major institutional investors announced they were accumulating the increasingly scarce asset, many altcoins have also seen their fair share of glory.  When looking at all the big winners of the past year, the first project that probably comes to mind is Chainlink, having appreciated by more than 550% YTD and now valued at over $4.5 billion.  But, the actual biggest winner of the year is HEX with a YTD return of over 5,000%.

I mention both of the above projects as they have each taken slightly different paths to achieve greatness.  Chainlink has devoted resources toward building a fundamentally sound business with many strategic partnerships while HEX has spent vast sums of money on marketing and promotion.  Both approaches are valid, but one thing is certain, it is absolutely imperative for crypto projects to let the crypto community know what makes them special.  Of course, one of the reasons that makes crypto so valuable is the powerful blockchain technology that most projects are utilizing.

Cryptocurrency vs. Blockchain Technology

It’s important to make a distinction between blockchain technology and cryptocurrency.  Although they are often used interchangeably, they are different.  Blockchain technology and crypto were both created after the 2008 financial crisis, but cryptocurrency…

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Altcoins

XENO starts VIP NFT trading service and collaborates with contemporary artist Hiro Yamagata

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Hong Kong, Hong Kong, 24th December, 2020, // ChainWire //

The XENO NFT Hub (https://xno.live) will provide a crypto-powered digital items and collectables trading platform allowing users to create, buy, and sell NFTs. Additionally it will support auction based listings, governance and voting mechanisms, trade history tracking, user rating and other advanced features.

As a first step towards its fully comprehensive service, XENO NFT Hub launched a recent VIP service to select users and early adopters in December 2020 with plans for a full Public Beta to open in June 2021. 

“NFTs are extremely flexible in their usage, from digital event tickets to artwork, and while NFTs have a very wide spectrum of uses and categories XENO will initially focus its partnership efforts and its own item curation on three primary areas: gaming, sports & entertainment, and collectibles.”, said XENO NFT Hub president Anthony Di Franco.

He also added “This does not mean we will prohibit other types of NFTs from our ecosystem However, it simply means that XENO’s efforts as a company will be targeted into these verticals initially as a cohesive business approach.”

Development and Procurement Lead, Gabby Dizon explained, “Despite our initial focus, we found ourselves with a unique opportunity to host some of the works of Mr. Hiro Yamagata. We are collaborating with Japanese artist Hiro Yamagata to enshrine some of his artwork into NFTs.”

Mr. Yamagata has been…

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