According to CoinGecko dataStellar (XLM) managed to overtake Shiba Inu (SHIB) in terms of market capitalization following a massive rally.
The token is up 190% over the past week, with the market cap reaching $17.3 billion. The token has also increased by 600% over the past three weeks.
For comparison, SHIB is currently valued at $15.7 billion after a relatively modest 9% price increase.
XLM is now poised to enter the top 10 cryptocurrencies by market capitalization.
This would be a remarkable achievement for the OG altcoin, which is normally off the radar for most market participants.
XLM is the native token of Stellar blockchain protocol, co-created by Ripple co-founder Jed McCaleb.
XRP, the Ripple-affiliated token, and XLM often tend to trade in sync.
Earlier this week, the price of XRP saw a sharp rise, reaching a multi-year high of $1.6 after SEC Chairman Gary Gensler announced his upcoming resignation.
A few months ago, Ripple CTO David Schwartz admitted that he had no idea what caused this price correlation.
“I really don’t know. What seems most likely to me is that both prices are primarily driven by factors completely outside of their ecosystems,” Schwartz said.
Schwartz previously suggested that XLM and XRP were placed in the same mental basket due to their history. “I don’t believe that some sort of manipulation or evil force could have them followed. It seems a little crazy to me,” he added.