Yesterday, yet another massive crypto whale has moved almost 2,657,342 USD worth Stellar Lumens (XLM) from an unknown wallet to Kraken cryptocurrency exchange.
The crypto community has got much familiar with such whale movements in the recent past. Specifically, XLM and XRP whale movement volume have been higher as compared to other digital assets in the market.
The Whale Alert account on Twitter reported that around 35,000,000 XLM very moved from an unknown wallet to Kraken Exchange. The transaction was recorded today on Friday, 20th September at 12:04:14 UTC. Further things to note in the transaction are as follows:
Amount: 35,000,000 XLM (2,657,342 USD)
From: GD3WCAP6TJNWTSYIZR2A34FDHU55QY3JFSZGJMWHBZLCZCM5EL3EFROZ (Unknown)
To: GA5XIGA5C7QTPTWXQHY6MCJRMTRZDOSHR6EFIBNDQTCQHG262N4GGKTM (Kraken Exchange)
With such massive movements in the last week, XLM has badly plunged. About six days ago, the same kind of whale movement was recorded where 260,000,000 XLM (USD 15,008,070) got moved from unknown wallet to Kraken Exchange.
After picking up a massive bullish movement earlier this week, Stellar (XLM) surged from around $0.059 to $0.085 after seeing a significant rise in its price. During that time it jumped up from 12th spot to the 10th place.
However, after the recent whale movement, XLM hasn’t been able to tackle the market situation, and as we write this, it has dropped by 7% in the last 24 hours. Currently, XLM is trading for $0.072 with a market cap of $1.4 billion.
Most of the times, these whale movements are not a pleasant sight for investors, as they think that the assets price is being manipulated. As a matter of fact, it is not wrong that some exchanges and some other prominent players in the market have been held responsible for manipulating volume data to enhance their growth rate and network.
To attract more users, exchanges, and crypto trading platforms make such moves which increase their trading volume. To publicize and promote their platform, such movements are made, and that becomes a part of the marketing strategy to semblance their platform being a more popular and preferable network over its competitors.
There needs to be a solution of such activities and crypto community is the one that needs to come up together as one unit to make sure that they safeguard the rights of the assets they hold.
Stellar, the blockchain platform that runs the crypto asset XLM, needs to find a solution to this issue and take its investors on the same page and clarify their ambiguities. However, analysts believe that in big markets where there are opportunities to earn big, massive flaws exist, too. Whale movements generally harm the market performance of a digital asset.
Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.