Dog-themed cryptocurrency Shiba Inu (SHIB) has eclipsed Stellar (XLM) in market valuation. This shift comes when the market is experiencing volatility, with a massive $528 million sell-off impacting various digital assets.
The broader crypto market is experiencing profit-taking, with major assets facing downward pressure. Bitcoin and Ethereum (ETH) saw declines, while several altcoins faced significant losses. Liquidations in leveraged positions intensified the selling pressure, reflecting increased market volatility.
Shiba Inu and Stellar (XLM) were not immune to the bearish market trend. At the time of writing, SHIB was down 7% in the last 24 hours to $0.00002469. Stellar saw larger losses, reporting a nearly 17% dip on a 24-hour basis to trade at $0.463 at press time.
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As a result, Shiba Inu's market capitalization surpassed Stellar's, and it is now the 13th largest cryptocurrency, valued at $14.55 billion. Stellar's market capitalization fell to $13.92 billion during the sell-off, placing it 14th in the cryptocurrency market's rankings.
Crypto market hit with $528 million liquidations
Crypto-tracked futures saw over $528 million in liquidations in the past 24 hours, according to CoinGlass data.
A Bitcoin (BTC)-led crypto market correction entered its third day, with Bitcoin losing another 6% in the last 24 hours, dipping below $94,000 a week after it briefly approached the $100,000 barrier.
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Bitcoin has suffered its longest losing streak in weeks, with a failed run at $100,000 cooling a speculative frenzy generated by market optimism.
The overall crypto market, which has increased by $1 trillion since Nov. 5, has also declined, with numerous crypto assets losing 5% to 18% of their value. Cryptocurrencies including Solana, Dogecoin, Cardano and SAND have lost between 9% and 18% in the last 24 hours.
