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.