Altcoins Business Finance

Stellar (XLM), VeChain (VET) Skyrocket After Positive Intraday Movements

Bull Run

The crypto market is generally green at the moment of writing, despite Bitcoin failing to break through the $9,500 resistance. Several altcoins enjoyed a fine day of trading with a couple making double figure gains over the last 24 hours.

Popular altcoins Stellar Lumens (XLM) and Vechain (VET) are among the coins to hit double figures as a result of interesting developments to its blockchain.

Stellar (XLM) Gains Close to 25% After Token Burn

The price of Stellar (XLM) saw an increase of close to 25% which is attributed to the token burn embarked on by the Stellar Development Foundation (SDF). The foundation announced that it had destroyed nearly half of the supply of the XLM token by sending them to an address without signers.

This development means that the total supply of XLM tokens has been reduced to 50 billion from the 105 billion tokens before the burn.  It is understood that a bulk of the tokens that were burnt were reserved for various giveaway and partnership initiatives.

XLM Price

At the time of writing XLM is trading at $0.080526 with the coin making a gain of 16.69% in USD and 15.50% in BTC.  Its market cap is currently valued at $1,614,927,271 making it the 10th largest cryptocurrency in the market.

Stellar Price courtesy coinmarketcap.com

This recent development means that Stellar (XLM) has edged Tron out of the top 10 currencies after losing the spot a few weeks ago.

Vechain (VET) Rise Attributed To Latest Partnerships

VeChain (VET) has continued to bolster its aim of adoption with more partnerships announced by the platform in recent days.  We reported a few days ago that the blockchain platform had agreed on a partnership with CoinMarketCap to introduce a new artwork powered by Vechain Toolchain.

It is understood that the artwork will be launched during an upcoming event to be hosted by CoinMarketCap by the middle of the month in Singapore.

In addition, the VeChain Foundation introduced the blockchain world to VeChain Builders, a section in the project’s official website providing room to users to explore and obtain blockchain toolsets and information.

Vechain (VET) Price

Vechain is currently priced at $0.004666 at the time of writing with the coin gaining 10.09% in USD and 9.07% in BTC. The Vechain (VET) market cap is valued at $258,740,042 giving it a rank of 31st among other coins.

The digitoken has made gains in November which could be the beginning of an extended bullish run predicted earlier by our analysts.

Disclaimer: Our writers invest in cryptocurrencies and it is possible the author of this article has investment in any of the digital currencies discussed. Some times author's presented information may be laced with opinions. Treat articles as mere information and not as financial advice.

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About the author

Adeniyi Olowo

Olowo is a popular crypto evangelist and content contributor at NewsLogical.
With more than four years’ experience in the industry, Olowo loves all things cryptocurrency and spreading the gospel of blockchain technology.

He is also a football lover and supporter of Manchester City.

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