Stellar Lumens (XLM), the token of cross-border remittance service and payment network Stellar, has taken over EOS to claim the fifth position in overall cryptocurrency market capitalization. The token has added half a billion to its market cap this week alone, pushing its total up to almost $5 billion while EOS remains around the $4.8 billion mark.
The Stellar brand has benefited from a slew of good news and clever marketing recently which has helped it gain over 20 percent in value in the past 30 days. Its price reached an impressive high of $0.28 yesterday before correcting to a current value of just over $0.26.
Last week it was announced that popular wallet provider Blockchain.com would be facilitating a $25 million XLM airdrop, gifting the first one million registrants with $25 worth of XLM each. The news, which in itself added 12 percent to Stellar Lumens value, was followed soon after by a rumor that leading crypto wallet provider Coinbase will be adding XLM to its platform.
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Together with the XLM token, Coinbase may also be considering adding the ADA token of distributed computing platform Cardano, and privacy coin ZCash (ZEC). ZCash appears to have benefited most from the news, gaining 8 percent in value at the time and pushing its total gains to almost 20 percent over the last 30 days. It is also enjoying an extraordinarily high daily volume of $335 million, nearly three times that of Stellar.
With EOS suffering several allegations recently regarding its lack of decentralization and real-life use cases, it seems likely Stellar will maintain its spot in the top five cryptocurrencies. However, questions have been raised regarding Stellars decision to conduct such a massive airdrop. While airdrops of considered necessary to grow adoption, there has been increasing evidence this year that they can damage the value of a coin.
Only time will tell how the move pans out for Stellar.