Stellar Lumens, the Ripple and XRP competitor, announced that they were open to business with banks and financial institutions from around 72 countries around the world with the launch of their proprietary product, ‘World Wire’.
The news caused an upheaval among enthusiasts as large sums of XLM were moved on March 20, 2019. Whale Alert, a Twitter page that posts massive transactions, caught the movement.
— Whale Alert (@whale_alert) March 19, 2019
In the first transaction, a whopping 1 billion XLM was moved on March 20, 2019, at 1:03 AM. The transaction was sent from the wallet GDKI to GDQP. The second transaction was initiated from GDQP, where 1,000,000,331 XLM was moved to GBDU two minutes after the first transaction.
The first transaction, at press time, was worth $111.157 million, with the second also worth almost the same. According to Stellar Expert website, the GDKI wallet is the richest Stellar Lumens wallet in the ecosystem and has an excess of 43.641 billion XLM.
Moreover, the receiver of the first transaction, GDQP, is a wallet on Coinbase and currently holds a balance of 39.9999 XLM. The sender i.e., the richest wallet, was created on August 10, 2016. The richest wallet held a total of 47.364 billion XLM on August 30, 2016, but the balance has since reduced.
The recent announcements caused the price of Stellar Lumens to pump 40.79%. However, the World Wire announcement has caused everyone hanging on to the edge of their seats. Since World Wire is a direct competitor to Ripple’s xRapid, fans across the community have started to argue which of the solution is better.
@goodtexture, an XLM enthusiast, tweeted:
“My guess is the additional liquidity is necessary to keep price from getting out of control once an announcement is made. I.e. something big like a Facebook $FB token launch. *speculation only”
Another Twitter user, @ryptobob, commented:
“Don’t think its to hamper a rise in price due to an announcement. Nowhere near this sort of size would be needed to accomplish that.”
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Akash is your usual Mechie with an unusual interest in cryptos and day trading, ergo, a full-time journalist at AMBCrypto. Holds XRP due to peer pressure but otherwise found day trading with what little capital that he owns.