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The Stellar Development Foundation (SDF) has made a significant stride by launching Soroban, its highly anticipated smart contract platform, on the Stellar mainnet. This milestone marks a pivotal moment for Stellar Lumens (XLM), the native cryptocurrency of the Stellar network, as it experiences a notable surge in interest and activity.
With a strategic investment of $100 million, the SDF is poised to catalyze Soroban’s growth and adoption within the blockchain ecosystem. This substantial commitment underscores the foundation’s dedication to advancing decentralized finance (DeFi) and democratizing financial services globally through the innovative capabilities of smart contracts.
What makes #Soroban a powerful smart contracts platform?👀👇
— 老鸟🐦Ⓜ️🕸 (@BTCRWA) March 13, 2024
Real-World utility by connecting to #Stellar’s on-chain assets and worldwide on and off-ramps#XLM #Cryptocurency #Web3 #defi #memecoin https://t.co/PQuPziwb6s pic.twitter.com/Jvjn6tRZwN
XLM’s Rise to Prominence:
The debut of Soroban amplifies Stellar’s capabilities, positioning XLM as a frontrunner in the digital asset space. As Soroban opens up new possibilities for decentralized applications (dApps) and financial services on the Stellar network, XLM emerges as a key beneficiary, attracting heightened attention from investors, developers, and industry players alike.
Despite recent market fluctuations, XLM’s surge in value reflects growing confidence in its long-term potential and the transformative impact of Soroban’s integration. This upward trajectory signals a promising future for XLM as it continues to solidify its position as a leading digital asset in the ever-evolving landscape of blockchain technology.
Key XLM Levels to watch
Stellar Lumens (XLM) has stabilized following a recent price decline from its peak at $0.1630, finding support near $0.1170. The oversold condition indicated by the Stochastic oscillator suggests a potential halt in the downward trend. Analysts anticipate XLM’s price to converge towards the liquidity pool at $0.1630, a crucial level influencing market sentiment and future price movements. Traders are closely monitoring these technical indicators and support levels for insights into short to medium-term price dynamics.
XLM/USD Key Levels
Demand Levels: $0.1170, $0.0950
Supply Levels: $0.1630, $0.1920
Stellar Metrics
Total Market Cap: $2.58T
XLM Market Cap: $3.8B
XLM Volume (24h): $149M
Rank: 33
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Note: Learn2.trade is not a financial advisor. Research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.
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