As a seasoned researcher with a knack for deciphering cryptocurrency trends, I must admit that this recent development between Stellar (XLM) and Shiba Inu (SHIB) has piqued my interest. Having closely observed the crypto market since its inception, I’ve seen many unexpected twists and turns, but this is one I didn’t see coming!
Based on information from CoinGecko, Stellar (XLM) has overtaken Shiba Inu (SHIB) in terms of market capitalization due to a significant surge in its value.
Over the last seven days, the value of this token has skyrocketed by an impressive 190%, pushing its total market worth to a staggering $17.3 billion. Furthermore, in just the last three weeks, the token’s value has increased an astounding 600%.
As a crypto investor, I find myself reflecting on the current value of Shiba Inu (SHIB), which has surged to a staggering $15.7 billion market cap following a notable 9% rise in its value.
XLM is now on the cusp of entering the top 10 cryptocurrencies by market capitalization.
This could be a significant milestone for the pioneering cryptocurrency, often overlooked by many investors in the market.
The Stellar blockchain’s primary digital currency, XLM, was jointly developed by Jed McCaleb, a co-founder of Ripple.
XRP, the Ripple-affiliated token, and XLM often tend to trade in lockstep.
This past week, the cost of XRP saw a significant spike, reaching a peak not seen in years at around $1.6, following the announcement of Gary Gensler’s impending departure as chair of the Securities and Exchange Commission.
Recently, Ripple’s Chief Technology Officer, David Schwartz, confessed his lack of understanding regarding the factors driving this price linkage.
Schwartz explained, “To be honest, I’m not sure. However, what seems plausible to me is that the fluctuations in both prices are largely influenced by factors unrelated to their respective environments.
Previously, Schwartz expressed an opinion that XLM and XRP might be lumped together in people’s minds because of their shared past. He further stated that it’s unlikely that some form of manipulation or hidden power is causing them to move in tandem. To him, this idea seems quite far-fetched.
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2024-11-24 14:05