Stellar Lumens (XLM) Reaches Two-Year Low As Crypto Market Crumbles

Stellar Lumens (XLM) also declined, reaching its lowest price in the previous two years as the crypto industry fell below the $900 billion market cap.

CoinMarketCap shows that early on November 11th, XLM reached $0.0828. Since the token was first traded on November 13th, 2020, at $0.0806, its price was the lowest it has ever been. It is currently trading at $0.09288, with a decrease of about 4% in 24 hours.

Even if this news may not have come as a complete shock, few investors may have predicted it would fall to such lows. Nevertheless, it may be said that XLM is imitating its competitors in light of recent developments. It seemed that XLM’s other aspects were also impacted, aside from the price.

Stellar development activities had considerably decreased, according to Santiment statistics. The development activity had decreased from 20.35 on November 1st to 13.29% as of the time of this writing.

It was evident that the XLM ecosystem had undergone far fewer updates as a result. Similarly, even if there had been a significant network upgrade, the recent decline in the market might not have been sufficient to stop a decrease.

Additionally, XLM investors lost faith in the cryptocurrency industry and stopped holding the altcoin. The volume of the 24th-ranked cryptocurrency has declined by 63% as of the time of publication.

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The Santiment data showed that XLM has stabilized while trading at $0.96. However, given the drop in traffic, investors who capitalized on the momentary price increase chose to withdraw their funds quickly.

Regarding XLM’s societal dominance, recently, it appeared like it was barely remembered. It implied that few people were investing in social search and discussions regarding Stellar Lumens because its worth was 0.063%.

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