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What is the reason behind the increase in Stellar (XLM) price this week?

What is the reason behind the increase in Stellar (XLM) price this week?

Stellar’s recent pre-announcements have sparked speculation among traders about potential developments for XLM. However, the impact on the price of XLM may be short-lived.

The price of XLM experienced an 11.5% increase between Sept. 2 and Sept. 8, while Bitcoin and most altcoins were down for the week.

Stellar’s preliminary announcement on social media hinted at something significant happening on Sept. 12, with phrases like “something cool is dropping” and “change” being used.

On Sept. 7, Stellar teased a potential partnership, suggesting a possible rebranding and a shift towards real-world assets like stocks, bonds, and real estate.

Rumors circulated about Elon Musk’s X potentially integrating XLM after obtaining a currency transmitter license. However, XLM’s current market capitalization falls short of making it a top contender.

Stellar recently became a minority investor in payments provider MoneyGram International, aiming to expand its digital business and explore blockchain technology.

Stellar is preparing to deploy a smart contract platform called Soroban on its mainnet, positioning itself to compete in the decentralized application market.

The potential for RWAs in decentralized finance holds significant potential, but concrete evidence is needed regarding what Stellar’s payment network might unlock.

Summary:

– Stellar’s pre-announcements have led to speculation about XLM’s future developments.

– XLM experienced an 11.5% price increase while other cryptocurrencies were down.

– Stellar hinted at something significant happening on Sept. 12 and teased a potential partnership.

– Rumors about Elon Musk’s X integrating XLM are unfounded.

– Stellar became a minority investor in MoneyGram International.

– Stellar is preparing to deploy the Soroban smart contract platform.

– The potential for RWAs in decentralized finance is significant.

– Concrete evidence is needed for further gains in XLM’s price.

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