Recent data shows a significant increase in transactions and stablecoin economy on the Stellar network, heightening expectations for the XLM token.
Growth in Stellar Transactions
Recent data indicates that transactions on the Stellar Network surged by 14% over the last month to reach $81.2 million, placing Stellar as the eighth most active chain in the cryptocurrency industry. In the same period, the number of active addresses increased by 81% to 515,000, while network fees rose by 120% to $201,000.
XLM Price Analysis and Upcoming Upgrades
As of this writing, XLM is trading at $0.3918, down 3.3% over the past day. However, the price has rallied over 57% in the last month. Analysis of the daily chart shows that XLM formed a double-bottom pattern, suggesting a potential rise to $0.5183.
Stellar's Prospects and Partnerships
Stellar is drawing attention due to its capabilities in global payments. Recent partnerships with PayPal and Mastercard aim to simplify cryptocurrency transfers, underscoring growing interest from major companies in the Stellar technology.
As transaction volumes and stablecoin supply increase, investor interest in Stellar is likely to grow, potentially leading to further increases in the XLM token in the coming months.
