Stellar rallied 11% overnight to lead top coins. It’s almost incomprehensible the devastation wracked on the Stellar community, in terms of price. The number 9 coin last January briefly traded 70 cents; this morning – daylight-savings adjusted – the token fetches a dime. Let’s call that a 90% pullback. OK – 88%to be safe. Feel free to check my math – never my strong suit.
But stick with me: I’m feeling it this morning after my sons’ first practice for six and under’s (he’s on the Phillies). At its all-time high, Stellar – or XLM – had a market cap of almost $60 billion. Granted, it was for only the briefest moment in time. But consider: that figure is almost about the current price of bitcoin. In fact, it’s almost half the size of the current market cap of all crypto. Yeah; it was a bubble. And the bubble burst. I get that. But the patient is still breathing.
Where I think this gets really interesting is the vast legions of coins that built on top of the Stellar protocol. How do you imagine they’re feeling after the mothership has been so completely devastated to near ruin. It’s not a trick question: trust your gut; they’re getting destroyed, too.
We’re still stuck in the wilderness. Nowhere close to home. Picking up the pieces. Starting over.