Stellar crypto has seen XLM price surging after the settlement of the SEC versus Ripple case. As the XLM crypto price climbs, investors are also shifting bullish on PlayDoge.
The first half of the week was torrid for crypto holders. A mix of plunging crypto prices and fear that the uptrend was officially over fueled the sell-off.
By the close of August 5, Bitcoin had fallen to as low as $49,000, while XRP and XLM had nearly unwound July gains.
If anything, this bearish sentiment is still overhanging in some of the top altcoins, including Ethereum. ETH prices are struggling to shake out the losses of August 5.
The price of $XLM bounced from the $0.08 support and will likely range between that and $0.11 for a while.
Eventually #Stellar will breakout from this range and the direction of the breakout will dictate its next trend. pic.twitter.com/xXSczAcUjB
— CryptoJack (@cryptojack) August 8, 2024
Here’s Why Ripple (XRP) and Stellar (XLM) Are Rallying
However, XRP and XLM have been ripping higher since Wednesday, outperforming even Bitcoin.
Admittedly, their lighter market cap plays a role, but pound for pound, they have been on a tear in recent days.
On Wednesday, a United States judge ruled that Ripple Labs must pay $125 million as civil penalties and a settlement in its case against the United States SEC.
Two things caught the eyes of investors, explaining the surge in XRP prices.
First, the penalty was way lower than what the regulator demanded ($2 billion).
Second, there was an injunction against Ripple, barring them from selling XRP to institutions. Instead, the court directed that if Ripple wants to sell XRP to these players, it must apply for a license and begin issuing it as registered securities. This order is a massive blow and is bearish for XRP.
The relief following this ruling saw XRP prices surge by over 40% from August 1 and nearly 25% on that day.
However, the rising XRP also lifted XLM, the native token of Stellar.
(XLMUSDT)
Trading data shows that Stellar (XLM) is up nearly+ 35% from August lows and continues to mirror XRP closely.
This tight correlation is due to their shared history and quest to solve cross-border payments.
Stellar and Ripple were founded by Jed McCaleb.
Therefore, following the Ripple versus United States SEC case resolution, investors’ position on these assets changed, lifting sentiment and prices as a result.
PlayDoge Presale Raises Over $6 Million
As XLM prices recover, investors are closely tracking another gem, PlayDoge.
The play-to-earn platform is gradually gaining traction, tapping into the success of their Tamagotchi-like virtual pets.
So far, the ongoing PlayDoge presale has raised over $6 million.
Moreover, PLAY, the native token, is available for just $0.00527.
There are no limits as to how many tokens you can buy.
You can buy PLAY using USDT, ETH, and even debit/credit cards.
The fact that PlayDoge leverages the blockchain and taps into the viral success of the Tamagotchi game explains why investors are upbeat, expecting PLAY to spike on launch.
Whenever gamers participate, they receive PLAY tokens if they rank high up the leaderboard.
Additionally, they can stake and even earn more tokens just by holding.
So far, stakers receive a 77% annual yield.
In the coming weeks, PlayDoge plans to launch a mini-game and list PLAY on top exchanges, including Binance.
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Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
