Stellar price could rise as transactions, stablecoin market cap jumps

Here’s why Pi Network, Jasmy, LTC, Ethena, and altcoins are down

Stellar Lumens price has dropped in the past few months, mirroring the performance of most altcoins like Cardano and Avalanche.

Here’s why Pi Network, Jasmy, LTC, Ethena, and altcoins are down

Stellar was trading at the crucial support at $0.25 on Sunday, much lower than last year’s high of $0.6380. On-chain data shows that the Stellar ecosystem is doing relatively well. Nansen data shows that transactions have risen by 24% in the last seven days to 21.5 million.

Here’s why Pi Network, Jasmy, LTC, Ethena, and altcoins are down

The number of active addresses in the Stellar ecosystem has also jumped in the past few days. They rose by 15% in the last seven days to 162,947. These numbers have also translated to a 105% increase in weekly transaction fees. Further data by DeFi Llama shows that the amount of stablecoins in the Stellar ecosystem has soared to a record high.