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Stellar (XLM), the major rival to XRP on the crypto market, has survived a volatility scare and bounced back by over 6%. The asset looks set to take on dog-themed Shiba Inu (SHIB) in terms of ranking by market capitalization.
Price performance and open interest boost
According to CoinMarketCap data, in the last 24 hours, XLM traded at $0.3242, representing a 5.89% uptick. Meanwhile, trading volume has also increased by 11.88% to $378.05 million.
Notably, XLM overcame the volatility test it encountered as it sought higher price levels. Market participants were concerned about XLM’s ability to flip the $0.3161 level and if it could sustain the momentum.
The recent price movement shows that XLM has the potential to ride the current wave and could proceed to flip SHIB. The dog-themed Shiba Inu currently has a market capitalization of $9.9 billion but a lesser 24-hour growth rate of 4.64%.
Comparatively, Stellar's higher growth rate of 6.99% puts it on the path to surpass SHIB in no time if it sustains its current momentum. Already, XLM charts suggest a likely breakout ahead.
Furthermore, the coin’s investors are betting on a further rise, as signaled by the asset’s Open Interest. Within the same time frame, there has been a 13.93% surge in Open Interest as market participants flock to different exchanges.
According to CoinGlass data, traders on the market have committed a total of $218.50 million to secure 663.62 million XLM. This indicates growing confidence among investors in the asset's price outlook.
Stellar whale activity could seal flip
Notably, Stellar has mirrored XRP's growth trajectory, which could trigger whale action in the ecosystem.
With the current setup, if XLM whales intensify activity, this could cause a spike in trading volume, leading to a further possible price increase. Such a development might contribute to XLM flipping SHIB in the coming days.
Vladislav Sopov