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XLM Airdrop, Boon or Bane for Stellar?

 

  •  100 Million XLM were handed out in September’s first week, this happened on the platform ‘Keybase.io’ under the name “The Big Stellar Space Drop”.
  • 2 Billion of XLM accounting at 2% of the total Stellar volume were executed for airdrop for the next 20 months.

In the recent light of the Cryptocurrency world, Stellar Lumen’s airdrops (XLM) have been either kept idle or have been replaced with other Cryptocurrencies. XLM is ranked at #10 and has a total market cap of $1,205,898,983 USD and its worth in bitcoins is 142,479 BTC, it has a total supply of 105,363,498,962 XLM. The return on investment for XLM is now standing at 1,915.66% and is currently trading at $0.059980 USD.

The Big Stellar Space Drop

100 Million XLM were handed out in September’s first week, this happened on the platform ‘Keybase.io’ under the name “The Big Stellar Space Drop”. It was largely given to its users and this is considered as first of its kind on the ‘Keybase’ platform.

2 Billion of XLM accounting at 2% of the total Stellar volume were executed for airdrop for the next 20 months.  From the data shared by CoinMetrics, around 100 million Stellar Lumens were bestowed in a prior notice to 274,864 accounts in the second week of September. This data was based on a quick increase in the number of accounting holding Stellar Lumens, most of the accounts contained between $10 and $100 worth of XLM as per the reports during Airdrop Sequence.

Looking further, a total of 356.3817276 XLM  were given out during the first week to an estimated of  8,849 accounts in which only 3795 accounts called for XLM. During the next few weeks, 266,015 accounts received 356.2904939 XLM in which 50,300 were Keybase users as on 23rd of this month. Out of 100 million XLM under “The Big Stellar Space Drop”, only 19 million of XLM have been given out and accepted, the total volume of airdrop is 2 Billion XLM.

Only 19.68% were accepted from the Airdrop out of the total supplied and nearly 1 million XLM were exchanged for other cryptocurrencies. This had strife with Airdrop of Blockchain.com, due to a large number of XLM being exchanged and sold for other cryptocurrencies.

CoinMetrics summarised that,

“Our analysis shows that despite it being literally free money, only a minority of the targeted population actually claim their airdrop money [1.2M addresses out of 30-40M wallets for Blockchain.com, around 20% of Keybase users].”

This shows a vast decline of Network of Stellar Lumens as of 24th September reported by CoinMetrics.

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About Steve Anderrson

Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain. Join the official channel of thecoinrepublic, For the latest news updates: https://t.me/thecoinrepublic

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