What Ripple’s Direct Competitor Steller Lumens (XLM) Had to Accomplish to Oust EOS as Top 5 Coin
Current data from CoinMarketCap shows that XLM has overtaken EOS to enter the top 5 cryptocurrencies. Currently, Stellar has a market cap of $4.72 Billion ahead of EOS’s $4.66 Billion.
XLM defeated EOS to enter the crypto top five as the latter faced fresh controversy this week after it appeared that moderators had the power to reverse transactions which had already confirmed on its network. As per a Redditor, u/auti9003, a problem allegedly including a phished EOS account has alluded to one of the platform's moderators who reverses transactions without the owner’s permission. He says that this combined reversing transactions which recently got network confirmation.
Another controversy surrounding EOS is “Fake EOS wallet on Google Play”.The community has been warning their users to stay away from the use of fake versions of their Apps. It added to its tainted scammy reputation.
On the other hand, Stellar has been doing pretty good for itself.
Stellar Development Foundation executed the biggest airdrop in crypto history. The total of $125 million of XLM will be released as a give away to its blockchain wallet users. This clearly pulled up the XLM market to highs as more people are showing interest. Additionally, Coinbase recently announced that it is listing Cardano (ADA), Basic Attention Token (BAT), Stellar Lumens (XLM), Zcash (ZEC) and Ox (ZRX).
Notably, for the past few days, Stellar has been trading around $0.25. This was the support level for the currency. Crossing it increase its value dramatically, as we recently witnessed, however going under $0.25 can reverse this effect.