XLM Price Drops 12% Amid Decline in Speculative Confidence

The Stellar token, XLM, has seen its price drop by nearly 12% over the past 10 days, marking a decline in speculative confidence among traders.

This comes despite a surge in daily trading volume for XLM, which was one of the few altcoins in the top 20 crypto assets to experience such growth.

The token's Open Interest has also shrunk by close to 7% in the same period, further indicating a slump in confidence among speculative traders.

Despite this short-term bearishness, analysts remain bullish on XLM's long-term prospects, citing institutional adoption as a key driver of its increased valuation.

A recent announcement by the Depository Trust & Clearing Corporation (DTCC) and the Stellar Development Foundation (SDF) to connect their tokenization platform to the Stellar network has been seen as a major boost for XLM's future growth.