In recent developments, Stellar (XLM) has surpassed Shiba Inu (SHIB) in the cryptocurrency market rankings. Stellar is ranked 15th among the top cryptocurrencies by market capitalization, with a market value of $13.15 billion, while Shiba Inu has dropped to 16th, with a current market valuation of $12.69 billion.
Shiba Inu’s drop to 16th place comes amid an ongoing market sell-off that has sent SHIB prices down by up to 11%.
Meme coins have been struck the hardest during the sell-off, which has resulted in the liquidation of $711 million in cryptocurrency assets. The meme coin market capitalization has dropped by 10.31% in the previous 24 hours, to $102.33 billion. Several meme tokens have seen double-digit losses, with losses of up to 10%.
Shiba Inu was down 10% in the last 24 hours to $0.00002148. Stellar (XLM) was not exempted from the market declines, albeit posting lesser losses. At the time of writing, XLM was down 4.83% in the last 24 hours to $0.432. Compared to Shiba Inu’s 2.21% weekly gains, XLM is higher by 18% within this time frame.
XLM’s price saw a rise at the year’s start, increasing its market capitalization and allowing it to overtake Shiba Inu in the rankings.
What’s next for crypto market?
Cryptocurrencies fell on Tuesday over concerns about higher inflation. This trend continued on Wednesday, with the global crypto market capitalization declining by 6.11% over the last 24 hours to $3.33 trillion.
Uncertainty regarding the path of Federal Reserve interest rate decreases may cause bumps in the road ahead for cryptocurrency prices. In December, the Fed indicated that, while cutting rates for the third time, it may decrease rates less frequently in 2025 than investors had anticipated. Historically, rate cuts have boosted crypto prices, while rate hikes have had the opposite effect.
Minutes from the Fed’s December meeting, in which it dropped its key interest rate by a quarter percentage point, are due on Wednesday. Also due today is ADP’s private payrolls report, which is likely to show an increase of 130,000 jobs in December before the Bureau of Labor Statistics’ monthly jobs report on Friday.
