Biggest Movers: TON Moves Towards $1.90, XLM Remains Near Recent Highs

Toncoin was a big mover on Thursday, as the token rose by nearly 4%, closing in on the $1.90 level in the process. The rally came despite crypto price consolidation, with the global market cap largely unchanged as of writing. Stellar also surged, remaining near a recent two-week high.

Timeline of Toncoin, Stellar

Significantly, Stellar's XLM has been capturing headlines with its impressive increase, confidently trading beyond the $0.12 mark. This surge sets Stellar apart from many other top-performing cryptocurrencies and raises eyebrows in the investment community.

Stellar surged by as much as 7% on Monday, despite sentiment in crypto markets being mostly bearish to start the week. The token rallied for a second straight session, after a recent collision with a key price floor. Toncoin also rose, hitting a fresh multi-month high.

Toncoin (TON) has taken the crypto market by storm, but its meteoric rise has also cast a spotlight on Telegram-bot tokens, drawing attention to the historical affiliation between TON Network and the instant messaging giant, Telegram. Crypto enthusiasts have long regarded Telegram as a pioneer in exploring blockchain technology.

Stellar (XLM) is one of these rare altcoins that boasts a long and positive trading history. Created in 2014 and launched a year later, the protocol for payment providers and financial institutions has been at the top of the cryptocurrency rankings for years.

One of the first decisions made when building Soroban, the Stellar network‘s smart contract platform, was “choosing a platform for it to run on.” The developers say they decided “to build on WebAssembly (Wasm) in April of 2022.

The Stellar Development Foundation recently became a member of the Bytecode Alliance, the key group championing the progress of WebAssembly, more commonly known as Wasm. An announcement on August 21 by Tomer Weller, the foundations product leader, brought this information to light.

Frankfurt-listed shares of Nvidia jumped 8.7% on Thursday, lifting tech shares around the world, after the company forecast quarterly revenue that smashed expectations and announced a $25 billion buyback.

In the aftermath of a significant crypto market sell-off last week, which temporarily drove the total market capitalization to $1.1 trillion, this week began with a promising rebound for several altcoins.

In a recent post on the Stellar website, Denelle Dixon, CEO and Executive Director of the Stellar Development Foundation (SDF), announced that Stellar had made a financial investment into MoneyGram (MGI). Stellar and MGI have worked together since 2021 and as early as 2019 on projects like stablecoins and money settlement in USDC on the Stellar blockchain.

Stellar launched the Stellar Disbursement Platform (SDP) — an open-source global payment service. In its Aug. 16 announcement, Stellar explained that SDP can help with tasks ranging “from paying gig workers anywhere in the world to delivering digital aid'.