XRP just set a new peak at 3.65 USD, marking a significant turning point with an increase of over 33% in 7 days.
However, Stellar (XLM) is the strongest-growing cryptocurrency of the past week, recording an increase of over 62%, thanks to the appeal from individual and institutional investors along with strategic partners.
MAIN CONTENT
XRP reached a new peak, increasing by 33% in the past week but is not the strongest gainer.
Stellar (XLM) leads with a 62% increase, bolstered by partners and practical applications.
The Bonk (BONK) and Pudgy Penguins (PENGU) tokens also rose significantly, attracting major attention from the market.
What is Stellar (XLM) and why has it surged?
Stellar (XLM) is known as an efficient payment platform and digital asset, breaking new ground in tokenization and stablecoins. According to the Stellar Development Foundation report in 2024, XLM increased by 62% in a week, thanks to growing interest from individual and institutional investors.
XLM is currently trading around 0.49 USD, up 365% compared to the same period last year. The presence of the stablecoin PYUSD issued on the Stellar platform helps increase the usability and reliability of this currency. The current resistance level is identified around 0.56-0.60 USD, promising many breakthroughs if this level is broken.
Stellar is not just a cryptocurrency project but also a comprehensive digital asset bridge, providing large-scale support for DeFi and CeFi applications.
Denelle Dixon, CEO Stellar Development Foundation, 2/2024
Bonk (BONK) – How did this meme coin cause a stir on the Solana network?
Bonk (BONK), a prominent meme token on the Solana ecosystem, surged by up to 53% in the last 7 days. The peak price once hit 0.00004022 USD before slightly adjusting to 0.0000357 USD. However, the market cap of BONK remains at 2.89 billion USD, creating great appeal for institutional investors.
Analysts suggest that if the resistance level of 0.00004676 USD is broken, BONK still has many opportunities for further growth due to the positive market sentiment. This meme coin becomes a testament to the volatility and high profitability potential in Solana ecosystem tokens.
Pudgy Penguins (PENGU) – How did it go from NFT to Token superstar?
The PENGU token from the Pudgy Penguins NFT collection has skyrocketed with a 229% increase in a month and 43.5% in a week. The trading volume in 24 hours peaked at 1.18 billion USD, showing the heat of the Token in the market.
Analysts say if PENGU maintains support around 0.025-0.027 USD, the price could continue to break out to the range of 0.033-0.040 USD in the near future, making it a potential short-term investment hotspot.
Who are the other cryptocurrencies in the race and what are the trends?
Tokens like Hedera (HBAR) and Algorand (ALGO) also recorded increases of 40% or more, but they cannot match the explosive performance of XLM in the past week. While XRP has appeal due to its breakout, if Stellar maintains its growth momentum, it could very well become the leading star in the cryptocurrency market in the near future.
"Sustainable growth in the tokenization and stablecoin sector of Stellar will usher in a new era for DeFi."
Brad Garlinghouse, CEO Ripple, 2024
Frequently Asked Questions
What does the strong growth of XLM mean for investors?
XLM's strong increase shows confidence from individual and institutional investors due to the practical applications of the platform, reducing risk to the value of the Token.
Does the BONK token have long-term potential?
BONK remains a highly volatile meme token, but the appeal from institutional parties and large liquidity creates a growth momentum in the near future.
What factors are driving the active trading of the PENGU token?
The huge trading volume and technical indicators show potential for sustainable price increases, attracting the community of investors and traders.
Could XRP be replaced by XLM in the top Token role?
Although XRP had an impressive breakout, XLM with its current growth rate may surpass and take the lead in the market.
How to evaluate the health of the cryptocurrency market through these Tokens?
The diverse growth of XLM, BONK, PENGU shows that the cryptocurrency market still has many opportunities despite significant volatility.
Source: https://tintucbitcoin.com/xrp-365-usd-3-altcoin-vuot-mat/
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