Stellar (XLM) is experiencing a notable decline today, driven by a broader sell-off in the cryptocurrency market. The downturn is largely attributed to a risk-off sentiment that has gripped the market, following a significant drop in tech stocks. This sell-off was triggered by concerns over U.S. dominance in AI, sparked by Chinese startup DeepSeek's announcement of a competitive AI model. The ripple effect of this news has led to a 10% drop in the broader cryptocurrency market, with Bitcoin falling by 5% and other altcoins, including Stellar, following suit.
Adding to the pressure on XLM is the buzz surrounding a new meme coin, BeerBear, which is capturing the attention of speculators with promises of massive returns. This has diverted investor interest away from more established cryptocurrencies like Stellar, which is perceived as offering limited high-stakes rewards. The allure of quick gains from BeerBear's presale is drawing speculative capital away from XLM, contributing to its price decline.
Stellar's price has fallen by 4.66% today, with the current price at $0.387709. It reached a high of $0.406666 and a low of $0.370096 during the day.