Stellar Lumens (XLM) surged 30% in 24 hours following the Stellar Foundation's announcement of a 2 billion XLM airdrop to Keybase users, worth over $120 million. The price jump surprised markets despite theoretical downward pressure from airdrops, signaling strong market interest in the token.
Stellar Lumens (XLM) experienced a dramatic 30% price increase in 24 hours, rising from $0.0635 to $0.0889 before correcting to around $0.080. The surge followed the Stellar Foundation's announcement of a multi-million-dollar airdrop distributing 2 billion XLM (valued over $120 million) to users of Keybase, a Slack competitor. While airdrops typically create downward price pressure through increased liquidity, the positive market reaction suggests the publicity generated strong demand. The rally occurred during a broader bullish week for altcoins, though analysts cautioned it may be premature to declare a full alt season. The token had been in a bear trend since May before this unexpected volatility.