Why Is Stellar Lumens (XLM) Surging Today?

Stellar Lumens (XLM) shot up as much as 13.1% in an intraday period over 24 hours leading up to the early hours of Friday.

What’s Moving? Stellar Lumens, the token of the open network that facilitates the movement of money and its storage, traded 8.85% higher at $0.27 over 24 hours at press time.

See Also: How To Buy Stellar Lumens (XLM)

Against Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH), XLM traded 18.79% and 17.78% higher respectively. For the week, XLM traded 8.69% higher.

XLM has shot up 106.05% since the year began. The token is trading 71.4% lower since its all-time high of $0.94, which it touched four years ago.

Why Is It Moving: San Francisco-based Stellar Development Foundation is working with Advent International in a bid to take over MoneyGram International Inc, a global remittance firm, Bloomberg reported.

See Also: Jack Dorsey Tells Elon Musk: Bitcoin Has 'Irreverence' Factor Going For It Just As Much As Dogecoin

The non-profit foundation is associated with Stellar and supports its network, as per its website. 

On Thursday, the Stellar Twitter handle announced research and development grants for the creation of products and proofs of concepts that improve liquidity, increase throughput, or otherwise extend the capabilities of the Stellar network

XLM moved with the day’s other top gainers Axie Infinity (CRYPTO: AXS) and Sushi Swap (CRYPTO: SUSHI) even as major coins like BTC and ETH traded largely flat on Thursday. 

Read Next: Elon Musk Suggests Tesla Could Resume Accepting Bitcoin Soon

Photo: Courtesy of QuoteInspector