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Stellar (XLM) has experienced a 50% price surge over the past 24 hours, making it the top-performing asset during this period. This surge can be attributed to the recent 10-K filing submitted by Grayscale Investments LLC for its Grayscale Stellar Lumens Trust. At press time, the altcoin trades at $0.45, its highest price point since 2021. However, readings from its daily chart hint at a possible short-term decline. Here is how. Stellar Lumens Trust Sees Spike in Net Assets On Friday, Grayscale Investments LLC’s Grayscale Stellar Lumens Trust (XLM) submitted its 10-K filing for the fiscal year ended September 30, 2024. It noted that the trust recorded a 10% uptick in its overall net assets during the financial year considered.  A 10-K filing is an annual report that publicly traded companies in the US are required to submit to the Securities and Exchange Commission (SEC). It provides an overview of the company’s financial performance. It includes the entity’s audited financial statements, business operations, risk factors, and management discussion and analysis.   According to the report, the Grayscale Stellar Lumens Trust (XLM), an investment vehicle offering investors exposure to XLM, faced losses. This was due to the token’s price depreciation during the period considered and the fees paid to the trust’s sponsors. However, these losses were offset by the 34,875,230 XLM tokens valued at $3,923 added to the trust. This resulted in a net increase in the trust’s overall assets. XLM Reacts To the News The positive sentiment around this filing has resulted in a spike in XLM’s value. Over the past 24 hours, the token’s price has surged 58%, making it the market’s top gainer. As of this writing, the altcoin trades at $0.45, a price last observed in November 2021.  However, readings from its daily chart suggest that this rally…

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Filed under: News - @ November 23, 2024 1:22 pm