Stellar (XLM) Surpasses Shiba Inu (SHIB) by Market Cap Following a Massive Rally

The token is up by a whopping 190% over the past week, with its market cap swelling to $17.3 billion.

Stellar (XLM) has managed to outpace Shiba Inu (SHIB) in terms of market capitalization after posting a massive rally.

According to CoinGecko data, the token has rallied by an impressive 190% over the last week, bringing its market cap up to $17.3 billion. Notably, XLM has also seen a remarkable 600% gain in value over the last three weeks.

In comparison, SHIB is currently valued at $15.7 billion after experiencing a relatively modest 9% price increase.

With its recent gains, XLM is now on the verge of entering the top 10 cryptocurrencies by market capitalization. This would be a significant achievement for the "O.G." altcoin, which is typically not on the radar of most market participants.

Stellar (XLM) is the native token of the Stellar blockchain protocol, which was co-created by former Ripple co-founder Jed McCaleb. Interestingly, XRP, the token affiliated with Ripple, and XLM often tend to trade in lockstep.

Earlier this week, the price of XRP experienced a sharp rally, surging to a multi-year high of $1.6 after SEC Chair Gary Gensler announced his upcoming resignation.

However, despite the close price correlation between XRP and XLM, Ripple CTO David Schwartz has admitted that he has no idea what is causing it.

A few months ago, Schwartz was asked about the uncanny price correlation between XRP and XLM during an interview with Unchained Podcast host Laura Shin.

In response, Schwartz stated that he had "no good explanation" for the phenomenon and that it was "one of the weirdest things" he had ever seen.

"I genuinely don't know. The thing that I think is most likely is that both prices are driven primarily by factors completely outside their ecosystems," Schwartz said.

Schwartz went on to suggest that both XLM and XRP are being put in the same mental bucket due to their history. "I don't believe some kind of manipulation or evil force is somehow making them track. That seems kind of crazy to me," he added.