Recently, Stellar (XLM) has overtaken Shiba Inu (SHIB) in the cryptocurrency market rankings. Stellar is now ranked 15th with a market value of $13.15 billion, while Shiba Inu has fallen to 16th, with a current market capitalization of $12.69 billion.
Shiba Inu Drops to 16th as Stellar Overtakes in Market Rankings
Shiba Inu’s drop to 16th place comes as part of an ongoing market sell-off that has caused SHIB prices to fall by as much as 11%. Meme coins have been hit the hardest in this sell-off, which has led to the liquidation of $711 million in crypto assets. The total market value of meme coins has fallen by 10.31% in the last 24 hours, now standing at $102.33 billion. Many meme tokens have experienced double-digit losses, with Shiba Inu dropping 10% to $0.00002148.
While Stellar (XLM) also faced losses in the market decline, its drop was less severe. At the time of writing, XLM was down 4.83% in the past 24 hours, priced at $0.432. However, XLM has performed better over the past week, rising 18%, compared to Shiba Inu’s 2.21% gain. XLM’s price increase at the beginning of the year boosted its market value, helping it surpass Shiba Inu in the rankings.
Cryptocurrencies Drop Amid Inflation Concerns and Fed Rate Uncertainty
Cryptocurrencies experienced a decline on Tuesday, driven by concerns about rising inflation. The downward trend continued on Wednesday, with the global crypto market cap dropping 6.11% in the past 24 hours to $3.33 trillion.
Also Read: What is Shiba Inu and Its Use Cases?
The uncertainty surrounding the Federal Reserve’s interest rate decisions may cause further volatility in cryptocurrency prices. In December, the Fed signaled that while it had cut rates for the third time, it might reduce rates less frequently in 2025 than investors had expected. Historically, rate cuts tend to boost crypto prices, while rate hikes have the opposite effect. The minutes from the Fed’s December meeting, where it reduced the key interest rate by 0.25%, are set to be released on Wednesday. Additionally, ADP’s private payrolls report, expected to show an increase of 130,000 jobs in December, will be released ahead of the Bureau of Labor Statistics’ monthly jobs report on Friday.
Disclaimer: The content provided here is for educational purposes only and is intended to raise awareness about cryptocurrency and blockchain technology. It should not be considered as financial or investment advice. Before investing in any cryptocurrency or token, we strongly encourage you to conduct thorough research, understand the associated risks, and make informed decisions (DYOR – Do Your Own Research). For detailed guidance, consult a qualified financial advisor.
By
