Why is Stellar (XLM) price up this week?
The Stellar token experienced a notable 11.5% increase in value between Sept. 2 and Sept. 8, a novelty given that Bitcoin and most altcoins are down for the week. The surge came after Stellar (XLM) tested the $0.113 support level, which marked its lowest point in the past eight weeks. The price upswing followed a preliminary announcement made by the Stellar organization on social media.
While the announcement was somewhat cryptic, it hinted at something significant occurring on Sept. 12, with phrases like “something cool is dropping” and "change” on the horizon.
More recently, on Sept. 7, Stellar further heightened expectations by teasing a potential partnership. However, similar to the earlier announcement, no specific details were provided, with only words like “brand” and "real world” used, suggesting a possible rebranding and a shift toward real-world assets (RWA) like stocks, bonds and real estate.
Caroline Pham, one of the five commissioners of the Commodity Futures Trading Commission, emphasized on July 17 that recent court decisions regarding the classification of cryptocurrency assets would ultimately lead to regulatory clarity. Pham also stressed the significance of RWAs and highlighted the opportunities for modernizing financial markets through the tokenization of money market funds on blockchain technology.
Unfounded rumors circulated regarding Elon Musk’s X (formerly Twitter) potentially integrating XLM after the social network obtained a currency transmitter license from regulators on Aug. 28. It’s worth noting that X had previously received approvals from six other states prior to this latest announcement.
Elon Musk will build X into the worlds most valuable financial institution
He is acquiring all the
