Stellar's XLM has experienced a downturn today, largely influenced by the broader market dynamics surrounding the launch of Donald Trump's "official" memecoin on the Solana network. The memecoin has attracted significant attention and trading volume, drawing liquidity away from other cryptocurrencies, including XLM. This shift in focus has led to a decrease in demand for Stellar, as traders are enticed by the rapid gains seen in the TRUMP token. The memecoin's launch has caused a ripple effect across the crypto market, impacting various assets as traders reposition their portfolios.
The correlation between Stellar and Ripple's XRP, which has been a focal point for investors, also plays a role in XLM's price movement. As XRP approaches its all-time high, Stellar has been seen as a cheaper alternative, but the sudden market shift towards the TRUMP token has overshadowed this narrative. The excitement surrounding the memecoin has overshadowed Stellar's recent gains, causing a temporary setback in its upward trajectory.
Stellar's price has fallen by 1.63% today, with the current price at $0.480433. It reached a high of $0.488481 and a low of $0.452862 during the day.