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After two weeks at the top of the Coinbase volume rankings, the Shiba Inu has dropped.

With the speculative frenzy in SHIB cooling, the market's attention may shift back to the top cryptocurrencies.

Recent speculative excesses in meme token shiba inu (SHIB), which generated concerns about the broader market health, appear to be cooling, the following is a breakdown of Coinbase's volume for the week ending November 19.

SHIB fell to third place behind bitcoin and ether on the Nasdaq-listed crypto market, accounting for 6.72 percent of total turnover, the weekly communication from Coinbase Institutional, dated November 19, confirms this.

In the seven days leading up to Nov. 11, the self-proclaimed dogecoin killer topped Coinbase's volume rankings, accounting for 16.6% of total activity and 25% in the seven days leading up to Nov. 5.

"In terms of volume breakdown, BTC and ETC have recaptured the top spots, while SHIB remains in third place for the time being as the retail meme coin fever cools down," Coinbase institutional wrote in its weekly newsletter on Nov. 19.

SHIB, on the other hand, is still ahead of popular cryptocurrencies such as the SOL and DOT tokens from programmable blockchains Solana and Polkadot, the MATIC cryptocurrency from scaling solution Polygon, and Chainlink's native coin LINK from decentralised oracle network Chainlink.

Since the second week of October, the retail-dominated token has continuously been one among the top three traded coins.
After bitcoin achieved new record highs above the April high of $64,889, SHIB received a strong offer in the second part of last month. On Oct. 28, the meme token hit a new high of $0.00008894, a gain of 830 percent for the month.

Many observers interpreted SHIB's rise as an indication of retail frenzy, which is common at market peaks. The parabolic rise of the dog-themed cryptocurrency in early May was followed by a market-wide sell-off, with bitcoin plummeting from $58,000 to $30,000 in less than a week.

In recent weeks, history seemed to have repeating itself. Bitcoin plummeted to a five-week low of $55,666 on Nov. 19, after failing to gain traction above the April high of $64,889 many times since mid-October.

With speculative frenzy waning, focus on bitcoin and other major cryptocurrencies may return. At press time, SHIB was trading near $0.00004530, marking a 32% month loss. Bitcoin was trading for around $59,420, down 3% for the month.

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