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$XRP, the popular Ripple-linked cryptocurrency, is currently stealing the spotlight with its enormous rally. The third-largest coin reached a new peak of $3.65 earlier today, according to CoinGecko data.
However, there is one major token that is vastly outperforming $XRP. Stellar ($XLM) has soared by a staggering 63% in just seven days, outstripping the rest of the market. For comparison, $XRP is up by 39% over the same period of time.
$XLM is currently the best-performing token in the CoinGecko top 100 on a weekly basis. Bonk (BONK) and Pudgy Penguins (PENGU) have surged by 52% and 45%, respectively, over the same period of time. Hedera (HBAR) and Algorand (ALGO) have also surged by more than 40%. $XRP is not even among the top 5 best-performing tokens despite its highly impressive gains.
Notably, $XLM, which was launched by Ripple co-founder and former CTO Jed McCaleb, tends to track the price and market cap of $XRP extremely well. Ripple CTO David Schwartz previously addressed the issue, stating that he had "no idea" what specific factors were actually driving $XRP's price action. However, he suggested that investors might actually put these tokens in the same mental basket due to $XLM's origin.
Following its latest price surge, Stellar ($XLM) is now approaching the top 10 biggest cryptocurrencies by market capitalization, boasting a market cap of $15.6 billion.
$XLM briefly entered the top 10 back in early 2021. In order to achieve such a feat again, its market cap would need to more than double to edge out competitors such as Tron (TRX) and Cardano (ADA).