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▲ Stellar (XLM)/ChatGPT generated image
Stellar (XLM) temporarily surpassed Zcash (ZEC) with a 30% weekly surge. However, it fell again due to a flood of profit-taking sell-offs.
According to cryptocurrency media outlet U.Today on June 19 (local time), Stellar recently rose by up to 10% in a single day. In terms of market capitalization ranking, it temporarily overtook the privacy token Zcash. The weekly gain expanded to as much as 30% at one point.
Positive developments continuously emerged from the Stellar ecosystem. SushiSwap launched cross-chain swaps for Stellar-based XLM and USDC, enabling exchanges of Stellar-based assets across more than 40 chains. Circle also recently announced via X (formerly Twitter) that Stellar supports CCTP.
Technical updates also stimulated investor sentiment. Stellar JS SDK v16.0.0 was released, accompanying the Protocol 27 testnet upgrade. Archax introduced GOVY, a tokenized perpetual short-term US Treasury product, which is being launched for investors outside the US.
However, the sharp rise did not last long. Stellar rose for five consecutive trading days from June 14 to 18, reaching up to $0.2515. Subsequently, profit-taking pressure increased, pushing it down to $0.214. The weekly gain also narrowed to 14%.
In the market capitalization race, Zcash took the lead again. Stellar's market capitalization dropped to $7.39 billion. Zcash recorded $7.46 billion, reclaiming its 12th position, while Stellar remained at 13th. Zcash only saw a 4.44% decline over 24 hours despite the overall market downturn.
*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*
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