Recent speculative excesses in meme token shiba inu (SHIB), which raised concerns about the broader market health, appear to be cooling, Coinbase’s volume breakdown for the week ended Nov. 19 shows.
SHIB accounted for 6.72% of the total turnover on the Nasdaq-listed crypto exchange, slipping to third position behind bitcoin and ether, Coinbase Institutional’s weekly email dated Nov. 19 shows.
The self-proclaimed “dogecoin killer” topped Coinbase’s volume rankings in the preceding two weeks, contributing 16.6% to total activity in the seven days to Nov. 11 and 25% in the seven days to Nov. 5.
“In terms of the volume breakdown, BTC and ETC have reclaimed the top spots while SHIB is still in the third place for now as the retail meme coin mania cools off,” Coinbase institutional said in the weekly newsletter dated Nov. 19.
That said, SHIB is still ahead of prominent cryptocurrencies like programmable blockchains Solana’s and Polkadot’s SOL and DOT tokens, scaling solution Polygon’s MATIC cryptocurrency, and decentralized oracle network Chainlink’s native coin LINK.
The retail-dominated token has consistently been one of the top three traded coins since the second week of October.
SHIB picked up a strong bid in the second half of the last month after bitcoin set new record highs above the April high of $64,889. The meme token reached a new peak price of $0.00008894 on Oct. 28, ending the month with an 830% gain.
Many analysts saw SHIB’s surge as a sign of retail frenzy often observed at broader market tops. The dog-themed cryptocurrency’s parabolic run in early May was followed by a market-wide sell-off, which saw bitcoin falling from $58,000 to $30,000 within a week.
History looks to have repeated itself in the past few weeks. Bitcoin fell to a five-week low of $55,666 on Nov. 19, having failed several times to establish a foothold above the April high of $64,889 since mid-October.
With speculative fervor cooling, market attention may shift back to bitcoin and other major cryptocurrencies. SHIB was trading near $0.00004530 at press time, representing a 32% month loss. Bitcoin was changing hands near $59,420, down 3% for the month.