Stellar Lumens [XLM] skyrockets by 30% in two days following logo redesign
Stellar Lumens has been performing splendidly in the second week of March 2019, with the coin shooting up by approximately 30% in 48 hours. Though the exact reason for the surge cannot be pinpointed, many enthusiasts have speculated that it was fueled by the coin’s redesign of its logo.
XLM’s price increased dramatically in a brutal bear market, causing many in the crypto-community to declare that the “alt-coin season” had arrived. On March 8, 2019, the price of XLM hit its long-standing support at $0.08. However, the bulls defended this level and overcame the bearish pressure to start a rally soon after.
The aforementioned rally continued, pushing the price to $0.11, and amounting to an increase of 30.47%. The market cap of XLM increased by $300 million and reached $2.06 billion.
The price went into a correction phase as it dropped to $0.09 [i.e. a correction of 9.14%] and rallied again to form a double top pattern, which is a bearish reversal pattern.
The crypto-community speculated that the reason for this dramatic rise was Stellar Org’s new development, a new logo.
The Stellar Development Foundation put out a blog explaining the details that went into revamping the logo of Stellar Lumens. The blog said that the old logo was a cartoon rocket ship which wasn’t appropriate for use by central banks or a press release.
Source: Medium Blog | Stellar
After bidding adieu to the old logo, the blog stated,
“It’s [the new Stellar logo] got resonance with our “S”; it’s got just a hint of Saturn in there; and it can work in copy as a currency symbol… While we needed to completely refresh the logo, we wanted the new Stellar wordmark to be more familiar to our established community.”
The redesign of the brand will be officially launched on Stellar.org in May 2019, according to the blog.
@TelTuna, a Twitter user, commented,
“People complain about the logo !! Don’t miss the point of change in the logo here !!! $xlm would have also been forced to change the logo since it is getting real and of course central banks or national monetary authority wouldn’t want a rocket ship in their advertisement.”
@EErnito, another Twitter user, commented,
“Nooooooooooooooo 😪😱💔 The new logo is just as soulless as all the others… Bye bye, rocketship. 👋”
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