Stellar (XLM) Steals the Spotlight as Over 2.9 Billion Tokens Traded Amid Soaring Volume

Stellar (XLM) has taken center stage as over 2.9 billion tokens were exchanged by participants in the cryptocurrency market. This follows a slide in its price from a critical support level at $0.4550. The token, which hit a low of $0.4156 earlier in the trading session, appears to have pared off some of its losses.

XLM’s price movement comes with high volume amid soaring volume

XLM reached a high of $0.4675 within the past 24 hours before market fluctuations canceled its earlier gains. Over the past week, its surge has put the coin in the spotlight, rivaling XRP in price movement. The current price action still mirrors XRP in terms of the percentage drop on the daily chart.

At press time, XLM has seen a 6.15% drawdown despite its initial gains, putting the price at $0.4263. XRP, on the other hand, has registered a 4.23% decline in the last 24 hours. The decline, which is seen as a temporary setback for XRP, comes amid bullish sentiment for the asset.

As for XLM, the coin is also seeing increased investor interest as trading volume has surged by 80.76%. About $1.25 billion in trading volume translates to 2.93 billion XLM traded within 24 hours.

Some analysts have pointed to the bulls looking to trigger a rally as the reason behind the staggering increase in XLM volume. However, it remains unclear if whales are driving the current surge, what market dynamics are at play and how long it will last.

XLM market dynamics and regional influence

As reported earlier by U.Today, XLM made significant gains in Asia. Specifically, Binance, the world's leading cryptocurrency exchange, has announced a new listing pair, XLM/JPY, in Japan.

This development could further boost XLM's numbers and market ratings, given the incentives offered by Binance.

Notably, Binance is encouraging XLM trading by announcing a zero-maker fee promotion for the new Japanese pair. This ecosystem update could explain why XLM has flipped Shiba Inu despite the overall market drawdown.