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In recent developments, Stellar (XLM) Shiba Inu (SHIB) has overtaken in the cryptocurrency market rankings. Stellar coin ranks 15th among the top cryptocurrencies in terms of market capitalization, with a market value of $13.15 billion, while Shiba Inu fell to 16th place, with a current market value of $12.69 billion.
The Shiba Inu's decline to 16th place comes amid an ongoing market sell-off that has led to SHIB prices falling by up to 11%.
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Meme cryptocurrencies took a hit during the sell-off, resulting in the liquidation of $711 million in crypto assets. The digital currency's market capitalization fell by 10.31% over the past 24 hours, reaching $102.33 billion. Many tokens saw double-digit losses, with losses of up to 10%.
Shiba Inu It fell by 10% in the last 24 hours to $0.00002148. Stellar (XLM) was not spared from the market declines, although it posted smaller losses. At the time of writing, XLM has fallen by 4.83% over the past 24 hours to $0.432. Compared to the Shiba Inu's weekly gain of 2.21%, XLM is 18% higher during this time frame.
The price of XLM saw a rise at the beginning of the year, increasing its market value and allowing it to overtake the Shiba Inu in the rankings.
What's next for the cryptocurrency market?
Cryptocurrencies fell on Tuesday on concerns about rising inflation. This trend continued on Wednesday, with the global market value of cryptocurrencies falling 6.11% over the past 24 hours to $3.33 trillion.
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Uncertainty about the path Federal Reserve Low interest rates could cause bumps in the road for cryptocurrency prices. In December, the Fed signaled that despite cutting interest rates for a third time, it may cut rates less frequently in 2025 than investors expected. Historically, interest rate cuts have boosted cryptocurrency prices, while interest rate hikes have had the opposite effect.
Minutes from the Fed's December meeting, at which it cut its key interest rate by a quarter of a percentage point, are due on Wednesday. Also scheduled today is the ADP private payrolls report, which will likely show an increase of 130,000 jobs in December ahead of the Bureau of Labor Statistics' monthly jobs report on Friday.
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