Stellar (XLM) has overtaken Shiba Inu (SHIB) in cryptocurrency market rankings by market capitalization. Stellar is ranked 15th with a market value of $13.15 billion, while Shiba Inu has fallen to 16th with $12.69 billion.
Current Cryptocurrency Market Situation
Shiba Inu dropped to 16th place amid ongoing market sell-off, sending SHIB prices down by 11%. Meme coins have been hit hardest during the sell-off, leading to $711 million in cryptocurrency asset liquidations and a 10.31% drop in market capitalization, now at $102.33 billion. Several meme tokens have seen double-digit losses.
Reasons for Ranking Changes
Stellar (XLM) also faced market declines but with lesser losses. As 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 has increased by 18% in this time frame. This increase in Stellar's market capitalization has allowed it to surpass Shiba Inu in the rankings.
Crypto Market Outlook
Cryptocurrencies fell on Tuesday over concerns about rising 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 lead to roadblocks for cryptocurrency prices in the future. Historically, rate cuts have boosted crypto prices, while rate hikes have had the opposite effect.
Uncertainty in US financial policy continues to impact the crypto market, causing fluctuations in rankings. Stellar managed to surpass Shiba Inu despite the overall market downturn.
