Cryptocurrencies

Will Stellar’s Airdrop Jump Start Its Price???

I like Stellar over Ripple due to Ripple’s co-creator Jed McCaleb.  The Stellar network has fast transaction speeds that rival Ripple. The Stellar network like Ripple is meant to handle cross platform transactions and micro transactions like Ripple.

Prior to co-founding Stellar, Jeb is known for creating the bitcoin exchange Mt. Gox and the peer-to-peer eDonkey and Overnet networks. So the guy is very talented.

Stellar is one of those under the radar cryptocurrencies, but their network has been utilized by companies such as IBM, Deloitte, and Stripe.

The Stellar Development Foundation and messaging service Keybase announced Monday a 2 billion XLM airdrop, the largest in Stellar’s five-year history, worth roughly $120 million. Over the next 20 months, Keybase users can expect monthly airdrops of 100 million XLM.

Keybase currently has 300,000 active users across its various services, according to the company.

“All you have to do is have an authenticated Keybase account, and your XLM will appear in your wallet – automatically, every month, for as long as the airdrop continues,” according to a draft blog post shared with CoinDesk.

Source

So will this news event be a catalysts for traders wanting to buy some XLM to join the airdrop party, lets go to the charts to find out?

Price is at a major support/resistance line at $0.06.

But until price is able to breach the down trendline, the airdrop move won’t move the needle in the right direction for Stellar.

This post is my personal opinion. I’m not a financial advisor, this isn’t financial advise. Do your own research before making investment decisions.

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