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Activities in the broader digital asset space show that Stellar ($XLM) is gaining the attention of large investors. In the last 24 hours, trading activities have spiked as a total of 49,555,947 $XLM have been moved on-chain.
Whales signal confidence as $XLM shows stability
According to Whale Alert, an on-chain platform monitoring large transactions, the movement suggests renewed interest in the market.
This might have been triggered by the positive performance of $XLM in the past seven days. Despite market volatility, the $XRP rival has recorded significant price stability and increased by 1.43% within this time frame.
As of press time, the $XLM price was changing hands at $0.2387, a 0.97% uptick in price, per CoinMarketCap data. The coin had hit $0.2397 before dropping to the current levels.
Despite this lingering volatility, whales in the crypto space are still actively funding the purchase of $XLM. This suggests that large holders anticipate a bullish breakout for the coin that could fuel profit-taking for their current investment.
Meanwhile, $XLM’s Open Interest has also registered an uptick of 1.49% within the last 24 hours. This is another hint that market participants are betting on $XRP’s rival to rebound to higher levels.
The Open Interest figures of Stellar have steadily remained green as investors continue to bet on a price rally.
Potential Stellar rally amid whale activity
Interestingly, this is not the first time whales have signaled interest in $XLM. Less than 48 hours ago, whales stunned the ecosystem when they moved 245 million $XLM in less than five minutes.
The transactions raised concerns as one of the few involving the transfer of 90 million $XLM to dead wallets. That singular transfer has been valued at over $21 million.
As the broader crypto market continues to monitor developments in the space, investors into the coin may see more of an uptick in the overall performance of $XLM.