Grayscale is moving XLM from popular altcoin Stellar to the top-of-the-line OTC desk as analysts wait for prices to explode. Grayscale Stellar Lumens Trust has recently started trading on OTCQX, the highest market tier of OTC markets. The Stellar development foundation is continuing preparations to add the ability to create automated market makers on the network. Detail cryptocoin.com‘in.
Popular altcoin Stellar (XLM) on the OTC desk
An analyst turned his long position on XLM from a loss of $300,000 to gains of $1.5 million in one month. The XLM ecosystem is focused on working for central bank digital currency projects. With new partnerships and updates on the XLM network, analysts are waiting for the altcoin to explode. According to the analyst, XLM is gearing up for a debut with the latest updates to the ecosystem.
OTC Markets Group Inc, a financial markets operator for more than 11,000 US and global securities, announced the launch of the Grayscale Stellar Lumens Trust on their platform. The XLM-based Trust is traded on OTCQX, the premium OTC desk under the symbol “GXLM”. Craig Salm, Head of Law at Grayscale, believes: “This is an important milestone for digital currencies and shows the continued maturation of the asset class.”
Building on the latest developer update, the team at the Stellar Development Foundation continues to prepare to add the ability to support automated market makers (AMMs) on the blockchain. The arrival of AMM is expected to greatly increase liquidity and bolster the bullish outlook among experts.
Stellar’s major initiatives
Latin American cryptocurrency exchange Bitso has started integrating Stellar USD Coin (USDC) for its customers, using USD Coin as a bridge asset between Mexico and the USA. More than two million users currently benefit from Stellar’s integration on Bitso. Additionally, the Stellar Community Fund has 4 million XLM tokens to distribute to projects based on a community vote. The network asked projects to submit proposals and participate in the process.
Stellar’s initiative attracts key developers from the Web3 and dApp ecosystem to the network, in light of the incentives and rewards offered by various protocols and blockchain networks for developing projects on their platform. Cryptocurrency trader and investor @0xdOn recently shared his bullish outlook on the altcoin, noting that the Stellar Lumens token (XLM) has high growth potential. The analyst turned a long position in XLM from unrealized losses of $300,000 on September 28 to unrealized gains of $1.5 million as of October 20, 2021. Here’s the @0xdOn tweet:
Analyst Ekta Mourya evaluated the XLM price trend and predicted 85% gains in the altcoin based on the bottom reversal pattern.
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