Activities in the broader digital asset space show that Stellar (XLM) is gaining the attention of large investors. In the last 24 hours, trading activities have spiked as a total of 49,555,947 XLM have been moved on-chain.
Whales signal confidence as XLM shows stability
According to Whale Alert, an on-chain platform monitoring large transactions, the movement suggests renewed interest in the market.
This might have been triggered by the positive performance of XLM in the past seven days. Despite market volatility, the XRP rival has recorded significant price stability and increased by 1.43% within this time frame.
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As of press time, the XLM price was changing hands at $0.2387, a 0.97% uptick in price, per CoinMarketCap data. The coin had hit $0.2397 before dropping to the current levels.
Despite this lingering volatility, whales in the crypto space are still actively funding the purchase of XLM. This suggests that large holders anticipate a bullish breakout for the coin that could fuel profit-taking for their current investment.
Meanwhile, XLM’s Open Interest has also registered an uptick of 1.49% within the last 24 hours. This is another hint that market participants are betting on XRP’s rival to rebound to higher levels.
The Open Interest figures of Stellar have steadily remained green as investors continue to bet on a price rally.
Potential Stellar rally amid whale activity
Interestingly, this is not the first time whales have signaled interest in XLM. Less than 48 hours ago, whales stunned the ecosystem when they moved 245 million XLM in less than five minutes.
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The transactions raised concerns as one of the few involving the transfer of 90 million XLM to dead wallets. That singular transfer has been valued at over $21 million.
As the broader crypto market continues to monitor developments in the space, investors into the coin may see more of an uptick in the overall performance of XLM.
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