Stellar's Cryptocurrency, XLM, Experiences a 288% Spike over the Year, Speculation Arises Regarding Reaching a Value of $1
The Stellar network is gearing up for a significant transformation with the upcoming Whisk upgrade, marking the biggest change to the platform since the implementation of smart contracts. This major development was announced by Stellar public network validators, who have scheduled the upgrade for Sept. 3 at 5 p.m. GMT.
The Whisk upgrade represents a significant boost for Stellar, enhancing its capabilities and potential applications. Eight new Core Advancement Proposals (CAPs) will be introduced as part of the upgrade, which is the 23rd version of the Stellar protocol to be implemented in major Stellar Core releases.
One of the most exciting aspects of the Whisk upgrade is the inclusion of economic data by the Department of Commerce on various blockchains, including the Stellar network. This marks a first in crypto history and could pave the way for increased use of the Stellar network in financial applications.
As for the current trading price of Stellar (XLM), it stands at $0.36, reflecting a 0.3% increase. Over the past year, Stellar has experienced a remarkable growth of 288%, indicating a strong investor interest in the network.
Looking ahead, if the resistance levels are cleared, Stellar (XLM) might aim for $1, which would represent a 177% increase from its current price. Immediate resistance for Stellar (XLM) lies at the daily SMA 50 at $0.416, followed by $0.433, $0.49, and $0.52. On the other hand, support for Stellar (XLM) is envisaged at the daily SMA 200 at $0.312.
It's important to note that no facts about Ethereum, Shiba Inu, XRP, MicroStrategy, or Strategy were explicitly mentioned in these developments regarding Stellar.
This news underscores the ongoing innovation and growth within the cryptocurrency sector, demonstrating the potential for blockchain technology to revolutionise various industries, particularly finance.
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