Rise in Stellar's Value: Impact of Dual Rewards and Asian Interest Amid Increased Bitcoin Network Fees
Date: 2023-11-13 Author: Dima Zakharov Categories: CRYPTO PAYMENTS
Stellar's Growth: New Opportunities and Project Transparency
Cryptocurrency markets continue their upward trend, drawing the attention of investors not only to Bitcoin but also to altcoins. A standout example is the rise in the value of Stellar in October-November 2023, capturing the interest of both investors and artificial intelligence.
The Stellar team is taking bold steps forward by introducing dual rewards to maintain transparency and openness within the project. The update to The Stellar Community Fund (SCF) website, now showcasing all previous projects and winning teams, marks a crucial move towards improving community interaction. The introduction of new types of rewards, such as activation awards and community awards, demonstrates Stellar's commitment to addressing disparities between commission assessments and community voting.
These changes are accompanied by temporary restrictions on reward applications, fostering more dynamic interactions with new projects. According to the new system, startups can request activation awards of up to $50,000 in XLM for a month's worth of work, while the community is given voting rights for distributing awards of up to $100,000 in XLM for developments over two to three months.
The second topic of interest, affecting both investors and artificial intelligence, revolves around the rising fees in the Bitcoin network. Experts from Finbold turned to artificial intelligence, specifically the ChatGPT-4 neural network, to explore potential alternatives. One standout option identified was Stellar (XLM), offering low transaction fees. It's noteworthy that Asian investors, following the recommendations of artificial intelligence, have shown interest in XLM.
In particular, a surge of interest in Stellar was observed on the Upbit exchange in South Korea, where the trading volume exceeded $33 million within a few hours, surpassing average indicators by 130%. This event coincided with increased activity on Binance, where Stellar's trading volume grew by 41.08%.
Technical analysis of Stellar's value indicates a growth of over 75% since the beginning of 2023. Despite an overall bullish trend, short-term sentiment among investors tends towards bearish. Key indicators include overcoming the resistance level around $0.135 and the support level at $0.119.
