Stellar Lumens’ [XLM] network failure may have resulted in coin’s massive 16% fall over an hour

The cryptocurrency market noted a sudden fall in Stellar Lumens’ [XLM] price, early on May 16. Over an hour, XLM fell by 16.18%. The price of the coin plunged from $0.1622 to $0.1360. However, it soon underwent a correction.

It can be speculated that technical issues with the Stellar network, issues that persisted for two hours, contributed to XLM’s price fall. However, the only people to recognize this problem were validators, tweeted Tim Swanson, Founder of PostOakLabs.

Swanson tweeted,

The fall of the now-eighth largest coin, caused it to be valued at $0.1435, with a market cap of $2.75 billion. The 24-hour trading volume of the coin was noted to be $709.36 million, with a growth of 19.34% over the day. Over the past seven days, the coin pumped by a massive 53.26%, and continued to grow by 1.78%, at press time.

AMBCrypto has reached out to Stellar Lumens to enquire about the reason behind its network issues. We will update the article as the story develops.

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