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Crypto whales transfer 260,000,000 Stellar while XLM price tries to stabilize

The whales’ movement related to Stellar isn’t the first of its kind

Whale Alert today analyzed the massive transfer of Stellar’s XLM cryptocurrency from unknown wallet to a crypto wallet that belongs to Kraken exchange.

Whales Move Massive XLM Tokens

A massive 260,000,000 XLM transaction made crypto headlines today which currently worth 15,008,070 USD. The transaction was deemed successful on September 14, 2019, at 00:08:11 UTC between unknown wallet, i.e., GBKSIHGCSYGYLOBPRUL3UDTR4YMBJIUFJJGIKI445GPGIUMX7HJAZKON to a wallet held with Crypto exchange Kraken, i.e., GA5XIGA5C7QTPTWXQHY6MCJRMTRZDOSHR6EFIBNDQTCQHG262N4GGKTM.

The XLM cryptocurrency is already stepped out from the top 10 cryptocurrency’s list on coinmarketcap; it continued experiencing the decline in its daily trading volume. At the time of reporting, the coin is holding 12th largest spot with $1,156,112,429 market capitalization. It is trading at $0.057565 with an appreciation in price by 0.15 percent within the past 24 hours. Admittedly, the coin is showing some fight.

Whales movement in the crypto industry is no more surprise these days since such transactions get caught quite often. Very recently, on Sept.11, Whale Alert spotted transfer of $1 billion worth bitcoin transactions to a single wallet which believed to be a gigantic movement of bitcoins to an unknown wallet.

Stellar and Ripple

Stellar is a blockchain network, founded by a former CTO of Ripple, Jed McCaleb. As both firms offer similar services, Ripple and Stellar termed competing giant. With that being said, the Stellar recently hired Zelle co-founder Mike Kennedy as the CEO of Interstellar, Stellar’s business arm that develops payment protocols on the stellar network.

As Interstellar’s new CEO carries years of experience in the digital payment industry, Stellar aims high and likely face-off Ripple’s ongoing efforts in the fintech industry. Expressing his interest in joining Interstellar, Mike states;

“One of the things Interstellar is going to do is identify gaps between Liquidity and market-making and step in and fill those voids.”

Kennedy added,

“I think programmable money, digital assets, and digital tokens are the future. They allow for faster, cheaper, more efficient money movement than the old traditional way of doing things.”

Besides, the whales’ movement related to Stellar isn’t the first of its kind. Not too long ago, Stellar founder Jed McCaleb was on top bulletins of crypto media. It’s worth noting Jed McCaleb’s wallet address allegedly received XRP worth $26 million from Ripple.

That news wasn’t well-received by the community; few users blasted Ripple over transferring 100 million XRP to Jed McCaleb when company’s native token XRP itself has been making lower lows without showing any signs of accountable recovery.

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