Whale accounts transfer 109.1M XLM to Coinbase as the token surges

Anonymous crypto whales have transferred a total sum of 109.1 million Stellar Lumen (XLM/USD) over the past 24 hours. A report unveiled this news earlier today, citing Whale Alert, a Twitter bot that tracks large transactions in several leading cryptocurrencies.

According to the report, the largest transaction out of the three was between addresses with unregistered owners, and it comprised 51,460,570 XLM, approximately $19,684,672 (£14,450,118.12). The other two transactions were made to Coinbase exchange. In total, the three transactions were worth $41,455,529 (£30,431,662.29).

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These transactions come after Whale Alert disclosed that a crypto wallet with an unknown user transferred 30 million XLM to another wallet with an unregistered user on August 16. At the time, the coins were worth $11,996,177 (£8,806,150.01).

XLM starts a new rally

While it may seem odd that whales have already started transferring vast amounts of XLM, it is worth noting that the coin’s renewed rally has seen it recover a huge chunk of its losses over the past month after rising from a low of $0.2493 (£0.18) to a high of $0.4098 (£0.30).

At the time of writing, XLM is trading at $0.371 (£0.27) after losing 1.56% of its value over the past 24 hours. Nonetheless, this figure depicts a 3.74% gain over the last seven days. XLM is currently the 21^st-largest cryptocurrency by capitalization, with a market cap of $8,742,164,494 (£6,417,445,489.11) and 23,560,956,209 coins in circulation.

While the coin is still 60.15% down from its All-Time High (ATH) of $0.9381 (£0.69), there have been several developments that might see it maintain a bullish moment. One of these developments is that CLPX, a Chilean peso-pegged stablecoin launched on the Stellar Network on August 16, positioning XLM for more gains.

Apart from this, Stellar Lumens started negotiations to purchase Moneygram, a renowned global remittance application, in the past month. If the company completes this acquisition, it will further strengthen its payment network, fueling XLM’s rise in the process.

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