Stellar's (XLM) Big announcement, Which Has Been Expected for Days, Ended in Frustration: Price Dumped

The announcement that the Stellar (XLM) cryptocurrency team shared days ago and created great expectations with countdowns seems to be a disappointment.

According to the statement made by the coin's official X account, the big announcement that Stellar would make was a new website for the token. In the announcement where the renewed website was introduced, the statement “The wait is over, here is the new Stellar” was used.

The motto of the new website is “Bringing Stellar to the Real World”.

The wait is over. Introducing the new #Stellar ✨https://t.co/qfEdkz5F1R pic.twitter.com/vLj2BFE090

— Stellar (@StellarOrg) September 12, 2023

With the announcement, the XLM price dropped sharply due to dissatisfaction in the cryptocurrency community. The price of the token experienced a sudden depreciation of approximately 5% following the announcement.

Chart showing the decline in XLM price after the announcement.

Jeremy Allaire, CEO of Circle, the USDC distributor company that has previously cooperated with XLM, welcomed the announcement and said:

“Really nice article. “I am proud to work closely with the Stellar community, focused on solving difficult problems for people who need a more fair and inclusive financial system.”

*This is not investment advice.