Stellar has many upgrades in the first 6 months. Around the same time, however, the network’s native coin XLM tells a different story.
According to a news release published on June 29, Stellar Network has informed users about some of the developments they have made over the past 6 months. Specifically, leading cross-border P2P payment platform MoneyGram has launched a crypto-to-cash exchange service on Stellar within the past 6 months. Furthermore, Mercado Bitcoin customers can access USDC issued on Stellar as of May 2022.
With these developments along with many other improvements in the Stellar blockchain, let’s see how XLM works.
Six long months of decline
XLM started the year at $0.27. However, over a 6-month period, it dropped by 60%. At the time of writing, the trading price is only $0.1077. As expected, market capitalization also fell from $6.62 billion at the start of the year to $2.69 billion at press time.
In the last 24 hours, the price is down 1%. Currently, selling pressure is increasing with the Relative Strength Index (RSI) at 39.6 on a downward curve.
The position of the MACD also indicates the start of another bear cycle. Compared to the ATH price, XLM is currently trading as much as 88.62% below its all-time high and is at its November 2020 low.
On-chain analysis
Over the past 6 months, XLM’s social volume has declined. Pegged at 89 at the time of writing, this metric is down 66% over the assessed time period.
On the other hand, the social dominance rate increased to a high of 0.43% on May 25, then dropped sharply and is currently only recording 0.158%.
With a flurry of developments on Stellar over the past 6 months, the higher developer activity on the network according to data from Santiment is not surprising. Since the beginning of the year, this metric has been on an upward trend with an increase of 167%.
Furthermore, the percentage of XLM supply held by whales now sits at 44, down 17% over the past 6 months.
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