This article provides significant cryptocurrency news for Stellar, covering the launch of the “Useful Super Dad Coin” and offering a comprehensive analysis of its current price as well as predictions for its future.
One of Stellar ‘s most recent projects and ideas is the potential development of a new kind of fiat-backed stablecoin by the platform, according to information released on Twitter. We’re referring to USDad Coins, also known as the alleged Useful Super Dad Coin.
As stated on the platform’s own site, establishing a new type of token on Stellar is not at all complicated.
You sit here with two accounts you created with a trust line for the token you want to mint (which doesn’t exist yet!) and you create a payout transaction on your distribution account for the number of coins you want to mint.
Here you are! You are in the asset token business. Now, since I personally back each of my USDad coins in circulation (e.g. my daughter’s wallet) 1:1 with USD, I would argue that this asset should be on the Stellar Development Foundation’s list of relevant assets.
Additionally, the tool created by Stellar assumes financial and technological literacy training in addition to practical problem-solving. As a matter of fact, by doing this, every transaction turns into an education in personal finance, covering ideas like saving, spending, and the value of money.
Once operational, the Soroban platform, built as a component of the Stellar ecosystem and based on smart contracts, will create additional opportunities to explore DeFi alternatives enabled by smart contracts.
Because it is more than just a personal project, this initiative is interesting.
In reality, it serves as a concrete illustration of how the Stellar network is open to all users and provides much more than just a way to make international payments or support initiatives that have won awards.
Therefore, it appears that Stellar wants to position itself as the best solution for everything, whether it be a person eager to launch their own stablecoin for educational purposes, a business looking to revolutionize its transaction methods, or an organization aspiring to create an entirely new financial ecosystem.
Consider the Stellar cryptocurrency price: are there hints of a recovery?
The price of Stellar Lumen has had trouble regaining its momentum against the US dollar following a substantial decline below $0.085.
In fact, we can observe that the XLM/USD pair has remained in a bearish trend by trading below the $0.0820 mark.
Additionally, a low was created last week near $0.0786, which was followed by an upward correction. After that, the price climbed above $0.0800 and $0.0810.
Additionally, it crossed the $0.0786 low and $0.0890 high of the latest decline’s 23.6% Fibonacci retracement levels.
Further declines might push the price of cryptocurrencies in the near future around $0.0785 and eventually even test $0.0765.
On the other hand, approaching the $0.0855 mark and the previously noted trendline, the price encounters resistance.
Therefore, the price may move toward $0.0880 if there is a clear break to the upside over $0.0855. The price may rise further and reach $0.0920 or perhaps the $0.0900 mark.
In conclusion, if the price moves above the $0.0855 barrier, a potential rebound might take place in the future.
