Stellar Overtakes EOS to Become the Fifth Largest Cryptocurrency by Market Cap

News and Analysis

Stellar Lumens (XLM) has surpassed EOS as the fifth-largest cryptocurrency by market capitalization on Monday, November 12. At press time, XLM’s market cap, according to data provided by CoinMarketCap, was $5,1 bln, while EOS stood at $4,9 bln.

Reaching its 3-month high in USD, the cryptocurrency peaked at $0.283 (0.00004430 BTC) at around 06:00 UTC on Monday and managed to keep the advantage over the sixth placed EOS despite the following correction. Moreover, in BTC terms, XLM saw its highest result in over 5 months.

Stellar is riding a wave of optimism over the last week, culminating in the news that major wallet provider will facilitate a $125 million XLM airdrop in a bid to increase user adoption, as well as the Coinbase listing rumor.

Speaking of the airdrop, Stellar founder Jed McCaleb said:

“We believe that airdrops are central to creating a more inclusive digital economy. Giving away lumens [XLM] for free is an invitation to communities to design the services they need. Our hope is to eventually have global citizens own and use lumens, in both developing and developed economies. By working with Blockchain to increase the availability and active use of lumens on the network, leveraging their almost 30m wallets, we will increase the network’s utility by many orders of magnitude.”

It’s reportedly the largest cryptocurrency airdrop in history, marking a new level of crypto marketing.

As for the possible Coinbase listing, the California-based company said back in July that it was exploring the addition of five new coins to its trading lists, including Cardano (ADA), Basic Attention Token (BAT), Stellar Lumens (XLM), Zcash (ZEC), and 0x (ZRX).

BAT was indeed added recently, how it dumped hard soon after the trading went live. Time will tell whether the same will happen to XLM.

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