IBM Annoucement of World Wire Launch Brings Hibernating XLM Whales Out
The launch of World Wire, the proprietary product from Stellar Lumens, is making major waves in the cryptocurrency waters.
Presently, the product opens the relationship with banks and financial institutions from 72 countries around the world to enable transactions. The news of this launch caused many crypto enthusiasts to make more movement in the market, as massive sums of XLM were moved today as a result.
Whale Alert, a company that specifically publicizes the occurrence of major transactions, caught wind of these changes, posting to Twitter. According to their post, there was 1 billion XLM that came out of “SDF Direct Signup.”
— Whale Alert (@whale_alert) March 19, 2019
This first transaction occurred in the wee hours of March 20th, going from wallet GDKI to GDQP. The second transaction occurred two minutes later, moving 1,000,000,331 XLM from GDQP to GBDU.
GDQP is a Coinbase-based wallet that has a balance of almost 40 XLM, while the sender is considered the richest wallet, having been created in August 2016. Though the balance has gone down since the month it was created, it first held 47.364 billion XLM.
With these Twitter announcements, Stellar Lumens has been pumped up by 40.79%, but the bigger store is of World Wire, which directly challenges the xRapid product from Ripple. As such, fans on both sides have been arguing over which of the two solutions has the better product.
An XLM enthusiast on Twitter, @goodtexture,” commented:
My guess is the additional liquidity is necessary to keep price from getting out of control once an announcement is made. I.e. something big like a Facebook $FB token launch. *speculation only https://t.co/QqkE6HmJ0V
— GT (@GoodTexture) March 19, 2019
Another user, Stellar.org Global Cryptocurrency, had a few thoughts of what this means for Stellar in the future. The user said: