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Stellar (XLM) Price Unravels as SDF Sends Funds to Kraken
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[Image: 5dd276e5353b240007695475_700xauto.png]
Despite burning 55 billion XLM, the Stellar Development Foundation still showed it needed to sell coins and fund operations.

Stellar (XLM) slumped in the past day, further unraveling any achievements from a recent rally, after the Stellar Development Foundation (SDF) sent funds to Kraken. A whale-watching bot caught the transactions, worth $3.6 million.

Quote:50,000,000 #XLM (3,622,791 USD) transferred from SDF Operations to #Kraken

— Whale Alert (@whale_alert) November 17, 2019

The relatively large tranche of 50 million XLM exacerbated the doubts that the project was not dedicated to keeping the market price. The move also caused distressed comments, seeing that the dumping may bring down the XLM price back to $0.05.

The remaining hoard of XLM in the hands of the SDF is aiming to build a development community around the project. At the same time, doubts were raised about the decision of Jed McCaleb, the project’s co-founder, to distance himself from the operations of the SDK and the coin in general.

XLM has a similar fear of having coins dumped as in the case of Ripple’s XRP. Both coins have marked double-digit losses in 2019, despite the recovery of other assets. XRP has also slid this week, losing around 4% net in the past week, and already down to $0.26, with predictions for $0.25.

The Stellar community, however, remains largely optimistic, expecting XLM to reawaken as its use cases become better-known.

Quote:Hey #stellarfamily are you ready for the take off? #stellar #XLM
— Stellar_AT (@Stellar_AT) November 16, 2019

Currently, XLM trades most actively on BCEX, where more than 19% of volumes are concentrated. XLM even trades at a premium of $0.072, and $0.070 on other exchanges. The XLM price also went through a Bittrex anomaly over the weekend, with prices spiking:

Quote:Holy cow #XLM 15 minute chart is going nuts
— Nathan Witvoet (@Nathan_Witvoet) November 12, 2019

Still, XLM’s chief story is significant selling pressures. For now, the asset has not achieved its goal as taking a significant piece of international remittances.

by Christine Masters

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