Stellar Surges in Daily Transactions, Jed McCaleb Highlights its Potential

• Stellar processes 10x more daily transactions than Ethereum, fueled by efficient design, near-zero fees, and real-world use.
• XLM surged from $0.1599 to $0.6395 before a 7.03% pullback, with Fibonacci levels at $0.5263 and $0.3997 offering key support.
• Jed McCaleb highlights Stellar’s real-world adoption, advanced features, and user-friendly tools driving global financial inclusion.

Jed McCaleb, the co-founder of Stellar, stated on X, formerly Twitter, that Stellar network is currently one of the busiest cryptocurrency networks, processing more transactions every day than the majority of others. According to him, it handles ten times as much activity as Ethereum. He attributes the increasing popularity of Stellar to its usefulness, speed, and ease of use for developers.

A lot of new people looking at Stellar so I thought I’d write down some quick thoughts about why Stellar is worth your time.
IMHO Stellar is the most underrated and least understood crypto project. A lot of recent attention but people are still sleeping on this network.

Stellar…

— Jed McCaleb (@JedMcCaleb) November 23, 2024

Real-World Applications and Advanced Features Boost Adoption

McCaleb highlighted Stellar’s native features, including a built-in decentralized exchange (DEX), token issuance, and robust on-chain governance. Additionally, the network supports stablecoins and smart contracts optimized for safety, concurrency, and sustainability.

Unlike many other blockchains, Stellar offers near-zero fees due to its efficient design. This makes it an ideal platform for global payments and financial inclusion. Businesses and individuals worldwide increasingly use Stellar for seamless cross-border transactions.

Notably, the engineering quality and developer documentation stand out as top-tier, simplifying integration for developers. Furthermore, Stellar prioritizes user experience with features like passkey support and native multi-signature capabilities. These innovations make it easier for users and businesses to adopt the technology.

Stellar’s Price Action Reflects Bullish Sentiment

Significant volatility has lately been observed in the Binance XLM/USDT pair. It had a strong bullish trend, rising from $0.1599 to $0.6395. However, the price retraced to $0.5590, indicating a 7.03% fall, after reaching a peak of $0.6200.

Source: CryptoRank

The Fibonacci retracement reveals key levels for traders to monitor. The 0.236 retracement at $0.5263 serves as immediate support, while $0.3997 and $0.3431 correspond to deeper support zones. Additionally, RSI readings at 79.18 indicate overbought conditions, suggesting a cooling period for the asset.

Despite the retracement, the sustained bullish candles leading to the peak and increased trading volume signal strong market interest. For more gains, traders must clear the price’s resistance, which is close to $0.6375.

Function of Stellar in Financial Infrastructure

Stellar’s emphasis on effective, practical payments places it in a leadership position in blockchain finance as the use of cryptocurrencies increases. McCaleb expressed confidence in its potential to reshape global financial systems. With its advanced features and consistent growth, Stellar continues to gain attention as a major player in the blockchain space.

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