Stellar Development Foundation Transfers 50 Million XLM Tokens to Kraken; Dump Incoming?

    Stellar Development Foundation (SDF) moves 50 million XLM tokens to Kraken Exchange as community members wonder if a big dump is going to happen next.

    The Stellar community has expressed dissatisfaction via twitter after the crypto project transferred 50 million XLM tokens to Kraken coin exchange from its Development Foundation. Stakeholders are speculating that investors will follow suit and dump their tokens leading to a plunge in the XLM value.

    According to a tweet by the Whale Alert, over $3.6 million of XLM tokens had been transferred to Kraken. This sparked a reaction from Stellar’s twitter supporters who mostly criticized the move accusing the project’s leadership of abandoning its blockchain community. The Whale’s tweet read;

    Some of the XLM HODLers are now comparing the dump situation with that of Ripple in the case of XRP tokens. Crypto Analysts have identified such dumps as a hindrance for price spikes hence the stagnant XRP performance over the course of 2019.

    Ripple foundation has in the past given XRP tokens as charity as well as to other entities based on particular working relationships. Consequently, XRP cryptocurrency investors have faulted this strategy as one of the price resistance factors.

    The Stellar Token Burn

    The XLM foundation burned 55 billion XLM tokens at the beginning of November. This stimulated its coin price which surged by over 30% following the event announced by the firm’s CEO, Denelle Dixon. Prior to this the project had 105 billion Lumens; they planned on using these for operations, giveaways and partnerships.

    However, the Stellar Development Foundation projected that they could achieve their targets with fewer tokens, today this mining pool is barely at 50 billion tokens.

    Stellar noted that they will put more emphasis on fundamental development and adoption strategies. At the moment, the XLM coin is at position 10 in market cap trading at $0.069, this is a 4% drop within the past 24 hours according to coinmarketcap.

    Get Free Email Updates!

    *Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

    I will never give away, trade or sell your email address. You can unsubscribe at any time.

    Lujan Odera
    Lujan Odera
    Lujan is a blockchain technology and cryptocurrency author and editor. He has worked in the field of cryptocurrencies and blockchain technology since 2015 helping him gain enough experience to be the writer he is today. He is known for his simple writing style that allows novices to understand the field in the simplest way.

    [Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

    [Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer


    Please enter your comment!
    Please enter your name here


    Live Bitcoin Price & Latest BTC Chart News

    Today's Latest Crypto News

    Bitcoin Price (BTC) Approaching Uptrend Support, Can It Bounce Back?

    Bitcoin price is currently declining and trading well below $8,800. BTC to USD is approaching the key $8,460 support, which holds the key for...

    Bitcoin’s Hash Rate Hits A fresh All Time High Signifying A Strong Network Before Halving

    Bitcoin hash rate has hit a fresh all-time high (ATH) which shows that the king crypto has continued to gain on its technical ability. Fresh...

    Top 20 Best Cryptocurrencies in 2020: Which Coins to Watch For This Decade

    As the new decade dawns upon the emerging digital asset economy, it's important to analyze the current cryptocurrency market landscape and find out which...

    CZ Says BNB Burns Not Priced In after 2.2 Million Binance Coin Taken Out of Circulation Forever

    Binance burns $38.8 million worth of B&B and raking in a profit of $194 million 4Q19 CEO changpeng Zhao, CZ is “mystified” that...

    Bitcoin SV Price Falls Hard After Craig Wright's Lawyer Reveals He Has No Private Keys

    BitcoinSV, (BSV)'s value took a drastic plummet by 17% yesterday evening after the news broke that Craig Wright was unable to show proof that...

    BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.