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Stellar (XLM), VeChain (VET) Skyrocket After Positive Intraday Movements

source-logo  newslogical.com 05 November 2019 14:13, UTC

The crypto market is generally green at the moment of writing despite leading coin Bitcoin failing to surpass the $9,500 resistance point. Several altcoins enjoyed a fine day of trading with a couple of them making double figures in gains for the last 24 hours.

Popular altcoins Stellar Lumens (XLM) and Vechain (VET) are among the coins to hit double figures as a result of interesting developments to its blockchain.

Stellar (XLM) Gains Close to 25% After Token Burn

The price of Stellar (XLM) saw an increase of close to 25% which is attributed to the token burn embarked by the Stellar Development Foundation (SDF). The foundation announced that it had destroyed close to half of the supply of the XLM token by sending them to an address without signers.

This development means that the total supply of XLM tokens has reduced to 50 billion as against the 105billion tokens before the burn occurred.  It is understood that a bulk of the tokens that were burnt were reserved for various giveaway and partnership initiatives.

XLM Price

As at the time of writing XLM trades for $0.080526 per unit with the coin making a gain of 16.69% on the USD and 15.50% on BTC.  Its market cap is currently valued at $1,614,927,271 making it the 10th largest cryptocurrency within the market.

Stellar Price courtesy coinmarketcap.com

The recent development means that Stellar (XLM) has edged Tron out of the top 10 currencies after losing the spot some weeks ago.

Vechain (VET) Rise Attributed To Latest Partnerships

VeChain (VET) has continued to bolster its aim of adoption with more partnerships announced by the platform in recent days.  We reported a few days ago that the blockchain platform had agreed on a partnership with CoinMarketCap to introduce a new artwork powered by Vechain Toolchain.

It is understood that the artwork will be launched during an upcoming event to be hosted by CoinMarketCap by the middle of the month in Singapore.

In addition, the VeChain Foundation introduced the blockchain world to VeChain Builders, a section in the project’s official website giving room to users to explore and get blockchain toolsets and information.

Vechain (VET) Price

Vechain is currently priced at $0.004666 as at the time of writing with the coin gaining 10.09% to the USD and 9.07 to BTC. Vechain (VET) market cap is valued $258,740,042 making it rank 31st on the coin rankings.

The digitoken has made gains in November which could be the beginning of an extended bullish run earlier predicted by our analysts.

newslogical.com