With buying and trading happening all over the cryptocurrency market, there are endless options for crypto enthusiasts. One of these options is Stellar’s Lumen, abbreviated as XLM.
In this video, we’ll be looking at this specific cryptocurrency, when it started, how it came to be, how it’s performing, and whether or not crypto enthusiasts love it.
When It Started
Stellar began as a project by a nonprofit organization founded by Jed McCaleb, known as the Stellar Development Foundation. It had its humble beginnings made possible by initial funding from Stripe, a well-known start-up, and FastForward, BlackRock, and even Google.
It started out on July 31, 2014, and XLM was created the following year. They had a pitch of wanting to create a cryptocurrency that would reduce the transaction cost, serving as a better bridge between other currencies like fiat and digital.
How It Came To Be
At the time, only Bitcoin and a few other coins were recognized by many people, and everything else was a gray area. Without the funding of certain start-up supporters, it wouldn’t have been possible to keep the project afloat. Jed McCaleb also has his fair share of trials as he had also worked on a bitcoin exchange called Mt. Gox which eventually became obsolete.
How Is Its Performance So Far?
Stellar started out slow but eventually entered the top 10 cryptocurrencies by market cap and became one of the most trusted crypto-assets globally, thanks to the 2017 crypto hype bubble.
Stellar eventually fell flat despite the expectations due to its poor performance over the last three years in comparison to other top cryptos in the game but has since then steadily regained its direction.
XLM has had its ups and downs. In 2018, it reached a high of $0.16 and a low of $0.03. It dropped 90% from its all-time high price within a few months after it reached it, steadying itself at a value of just $0.09.
Do Crypto People Like It?
Since Stellar’s primary focus is on developing economies outside the areas of banking services covering remittances and bank loans, it’s a relatively unique cryptocurrency that definitely has its own merits.
Considering its performance, it isn’t a favorite by crypto people. Experts are already talking about how its bear market bottom of just $0.03 per token isn’t going to stay that way, but only time will tell how high the value of Stellar Lumens can go.
Overall, it isn’t as appealing compared to other cryptocurrencies you can consider that are available right now, but it is something worth considering if it fits your goals.
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