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A discrepancy has emerged between the social metrics of Stellar (XLM) and the direction of its price. While mentions of the project on social platforms are steadily increasing, the price chart and overall technical outlook for Stellar's native coin, XLM, are heading in the opposite direction.
Social Dominance and Mention Volume
Data from Santiment indicates that social dominance and the mention volume of XLM have undergone changes and are on the rise. This means that discussions and mentions related to the cryptocurrency are growing on social platforms. This increase can be attributed to the project's efforts in rebranding and promoting Stellar as an innovative solution in the financial industry.
Stellar released an engaging video clip featuring popular British actor Idris Elba on X (formerly Twitter). In the clip, Elba plays the role of a film director. The short video scenario depicts how, despite chaos, individuals can independently execute cross-border payments using Stellar's blockchain solution.
Stellar added a description to the video clip, signing it off with: “Fact-check: hoarding cash, waiting for money transfers, unnecessary overdraft fees, and lacking economic access shouldn't be the norm. You know what's broken; Stellar has a toolkit. Build better together with Stellar.”
On-chain metrics from behavior aggregator Santiment lean in favor of the bulls, indicating that social dominance and social metrics for XLM have recently found support and are on the rise.
Interpreting Social Metrics
The increase in social dominance signifies that the proportion or percentage of mentions of the coin in cryptocurrency-based social networks is growing compared to a pool of over 50 of the most popular social network projects. Similarly, social volume metrics indicate the number of mentions of the coin across more than 1,000 cryptocurrency-related social channels.
While this sentiment tends to transform into a bullish impulse, the XLM chart currently tells a different story.
