The cryptocurrency market experienced a significant decline due to inflation and geopolitical tensions, with Bitcoin (BTC) and Ethereum (ETH) plummeting to new lows.
However, in a surprising turn of events, Stellar (XLM) managed to buck the trend and surge 10.5% in the midst of this downturn.
The sudden momentum behind XLM is attributed to two major catalysts: the recent announcement by the Depository Trust & Clearing Corporation (DTCC) that it will partner with the Stellar Development Foundation to launch DTC-tokenized real-world assets on the Stellar public blockchain, and a massive short squeeze triggered by derivatives traders heavily shorting XLM in anticipation of its price decline.
While some analysts believe that this spike may not be a sign of independent strength, rather an opportunistic move that warrants skeptical analysis, others remain optimistic about the future prospects of XLM.