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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.