September 2023 promises to be a significant month for Stellar (XLM) with several important developments that could affect its price. Let's examine the five main factors that may influence Stellar's growth.
User Growth
According to Scopuly, the number of accounts on the Stellar network increased from 8.6 million to 9.7 million in a short period. Over 1 million new accounts were added to the ecosystem. This indicates growing interest and demand for the XLM token, which may positively impact its price trends.
Payment Activity Increase
Analysts noted that Stellar provides fast and affordable payment processing. Nearly 265 million payments were made between July and August, marking the highest activity level in two years. This reflects real-world utility as more businesses and individuals rely on Stellar for financial transactions.
Government Support and ETFs
The recent move by the U.S. Department of Commerce to publish GDP data on the Stellar blockchain signifies important recognition of the technology. Additionally, Stellar has been shortlisted for fast-tracked ETF approval by the SEC, which could attract substantial capital from institutional investors.
September 2023 may mark a pivotal moment for Stellar, driven by user growth, increased payment activity, and government recognition. These factors create strong grounds for a positive impact on the XLM price.
