Why is Stellar (XLM) crypto rising?

Highlights:

• Stellar (XLM) is an open network that allows the transfer and storing of money.
• Lumen or XLM is the native token of the network that makes trading across borders less expensive.
• Stellar Development Foundation is the official sponsor for the SXSW Finance Summit 3.0.

Due to elevated inflation, escalating geopolitical tension and other market uncertainties, market volatility has increased. However, the crypto market seemed to have rebounded from the recent crash, evident by the significant gains in digital currencies.

The global crypto market capitalization rose 5.67% to US$1.84 trillion at the time of drafting, while its one-day volume rose 6.02% to US$93.83 billion, according to data provided by CoinMarketCap.

Today, we explore one such crypto named Stellar (XLM), which is gaining attention from investors.

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What is Stellar (XLM) crypto?

Stellar (XLM), released in 2014, is an open network that allows the transfer and storing of money. The network’s focus is to aid financial companies in connecting through blockchain technologies.

Lumen or XLM is the native token of the network that operates as a bridge for making trade across borders less expensive. Through this, it intends to compete with the existing financial service providers who generally charge higher fees for similar services.

Jed McCaleb founded the network with lawyer Joyce Kim. Notably, the Stellar network is based on the Ripple Labs protocol.

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Why Is Stellar (XLM) Crypto Rising?

Why is it gaining attention?

The Stellar Development Foundation or SDF is organizing an event on March 15. It intends to bring the company leaders from the previous year's Stellar Blockchain Bootcamp by partnering with DFS Lab.

This event would support financial technology companies across the African continent in blockchain development. In this event, the companies would share their experiences on Stellar's 4-day Bootcamp last fall and highlight how it has helped them grow since then.

In addition to that, it is also setting up shop at SXSW event 2022, which would continue from March 11 to March 13 for the Finance 3.0 summit. This year, stellar Development Foundation is the official sponsor for the SXSW Finance Summit.

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                                                      Source: *Data provided by CoinMarketCap.com

Bottom line:

The XLM coin was priced at US$0.1799 at 4:19 am ET on March 9, up 4.15%, while its one-day volume ticked up 1.24% to US$302.22 million. Its market cap is US$4.41 billion, and its fully diluted market capitalization is US$8.99 billion.

The coin's total and max supply are over 50 billion, and its current circulating supply is 24.56 billion.

Various experts have provided a bullish view on the coin, considering its unique operations. It primarily aims to simplify the digital assets' trading process.

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