A SHIB coin
Stellar (XLM) is closing in on Shiba Inu (SHIB) and may be getting set to flip it as investors dump the memecoin.
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According to data from Coin Market Cap on January 6, Shiba Inu has stagnated for a while because of a shift in investor interest towards other assets amid the general market recovery.
The stagnation is the result of a massive sell-off of the asset by whales, which has made XLM rise towards flipping it.
XLM’s impressive surge
As the general market started recovering, XLM was one of the top assets leading the recovery. It has so far jumped 33.48% in the last 7 days, making it the highest gainer among the top 20 assets by far, as against SHIB which is only up 12.86%.
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XLM’s market cap is also $13.7 billion currently, which is close to SHIB’s $14.3 billion. If the trend continues and whales continue to dump SHIB, it won’t be long before XLM flips the second largest memecoin by market cap.
Shiba Inu has been a popular memecoin inspired by the Shiba Inu dog breed, just like Dogecoin. In 2021, the token made highly impressive gains, making several investors happy.
Will it repeat the same thing in 2025? Although there are retail investors still holding the token, it is unlikely that they will be able to sustain a rally in the long-run unless whales change their mind about it.
However, the market is still at the initial stage of recovery, and there may be room for a major bounce. There is a general bias towards memecoins which may favor the token as the recovery progresses.
Other top assets
Meanwhile, Bitcoin has broken $100,000 once again and is currently trading at $102,000. Another impressive performer among the top ten assets is XRP, which has gained over 15% at the time of this report.
The week seems to be starting on a good note, but it remains to be seen what happens to SHIB and indeed the wider crypto market.
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