Stellar stopped the airdrop worth of $120M due to hordes of fake accounts
|- Stellar Foundation finishes the airdrop ahead of schedule.
- XLM/USD stays under pressure amid general bearish sentiments on the market.
Stellar Foundation decided to stop the airdrop and closed the registration of new participants. The company explained the decision by "hordes of fake people" who had started to come in the last week or so.
Starting in the last week or so, hordes of fake people were beginning to come in, far beyond the capacity of Keybase or SDF to filter. It's not in the Stellar network's interest to reward those people; it is also not in Keybase's interest to have them as Keybase users.
By this time, Stellar distributed only 15% of the total volume of the airdrop. The last tokens distribution will take place on December 15; however, only verified users would get the tokens.
Stellar announced the airdrop at the beginning of September. It was planned to distribute the tokens for 20 months, each user was entitled to receive XLM tokens worth $500.
XLM/USD, the technical picture
At the time of writing, XLM/USD is changing hands at $0.0529, off the intraday low registered at $0.0444. The Stellar (XLM) is the 10th largest digital coin with the current market value of 1 billion. The coin has lost over 1.7% in recent 24 hours and stayed mostly unchanged since the beginning of the day.
Looking technically, XLM/USD has been moving within the downside trend since the beginning of November, with the critical recovery located at $6.40. This barrier is created by a combination of SMA50 (Simple Moving Average) and SMA100 on a daily chart.
On the downside, a sustainable move below the psychological $0.0500 will increase the downside pressure and take the price towards the recent low of $0.0440.
XLM/USD, the daily chart
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