According to U.Today, Stellar (XLM) has recently overtaken Shiba Inu (SHIB) in terms of market capitalization, following a substantial rally. CoinGecko data reveals that XLM's market cap has surged to $17.3 billion, marking a 190% increase over the past week and a 600% rise over the last three weeks. In contrast, SHIB's market cap stands at $15.7 billion, with a comparatively modest 9% price increase.
XLM is now on the verge of breaking into the top 10 cryptocurrencies by market capitalization, a notable milestone for the altcoin that often remains under the radar. Stellar's native token, XLM, was co-created by Ripple co-founder Jed McCaleb and is known for its tendency to trade in tandem with XRP, the token associated with Ripple. Earlier this week, XRP experienced a significant rally, reaching a multi-year high of $1.6, following the announcement of SEC Chair Gary Gensler's upcoming resignation.
Ripple CTO David Schwartz has previously commented on the price correlation between XLM and XRP, expressing uncertainty about the underlying causes. Schwartz suggested that external factors outside their ecosystems might be influencing both tokens' prices. He dismissed the idea of manipulation or any malicious force driving the correlation, attributing it instead to their shared history and the perception of market participants.
