Stellar (XLM) Dethrones Shiba Inu, Will It Last?
In recent developments, Stellar (XLM) has overtaken Shiba Inu (SHIB) in market capitalization.
According to the most recent CoinMarketCap data, Stellar has surpassed Shiba Inu in terms of total market cap, now the 15th largest cryptocurrency with a market capitalization of $9 billion. Shiba Inu ranks as the 16th largest cryptocurrency with a market capitalization of $8.55 billion.
While the gap is still narrow, Stellar’s latest move raises the question of whether this is a temporary flip or the start of a lasting shift in crypto rankings.
Stellar (XLM) has solidified its status. According to recent data shared by the official Stellar X account in Q1, Stellar DeFi saw 471.2 million total operations, 147 million transactions and over 2,182 days of network stability.
While Shiba Inu has slipped behind XLM, it has seen increasing long-term holders, currently at 78% of its addresses, according to IntoTheBlock data. Large transaction volume in SHIB, a metric indicative of whale activity, has surged by over 60% in the last 24 hours, suggesting that whales might be watching attentively or planning their next move.
Market price action
The crypto market is posting mixed price action in the early Tuesday session as traders pause to decide their next moves. At press time, XLM was up 0.16% in the last 24 hours to $0.2888, while SHIB was down 0.01% in the time frame to $0.0000145.
On the macroeconomic front, all eyes are on this Friday's Core PCE reading, which is a key inflation gauge for the Federal Reserve. This measure of inflation is regarded as a key indicator used by the Fed to assess inflation and make policy choices.
Investors are also looking forward to the Federal Reserve's minutes from its May 6-7 meeting, which will be released on Wednesday.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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