With speculative frenzy in SHIB cooling, market focus may shift back to top cryptocurrencies.

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 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.

All writers’ opinions are their own and do not constitute financial advice in any way whatsoever. Nothing published by CoinDesk constitutes an investment recommendation, nor should any data or Content published by CoinDesk be relied upon for any investment activities. CoinDesk strongly recommends that you perform your own independent research and/or speak with a qualified investment professional before making any financial decisions.

Cryptos feed

Latest Crypto News

Latest Crypto News & Analysis

Editors’ Picks

Largest DeFi exploit of 2022 wipes out $80 million from Qubit's Ethereum-BSC bridge

Ethereum-BSC bridge of Qubit Finance suffered a hack to the tune of $80 million in the largest DeFi exploit of 2022. Hackers exploited the "deposit" function to steal cryptocurrencies from Qubit Finance. 

More Ethereum News

Decentraland bulls go against the bearish trend, targeting $2.60

Decentraland (MANA) price has been on the front foot in a challenging market environment. MANA bulls look ready to eke out  28% of gains for this week after the price lifted from the 200-day Simple Moving Average (SMA) and is now set to pop and stay above the monthly S1 support level.

More Decentraland News

Charles Hoskinson awaits launch of Vaccuumlabs DEX on the Cardano network

Cardano network activity hit a peak with a spike in transactions on the network. Charles Hoskinson, the CEO of IOHK, is awaiting the launch of Vaccuumlab's DEX on the Cardano network. 

More Cardano News

Why Bitcoin has entered a new bear market

Bitcoin price has tumbled to a multi-month low below $33,000, as the leading cryptocurrency loses 50% of its value from its all-time high in November 2021. This marks the second-worst sell-off since the bear market that spanned from 2018 to 2020. 

More Bitcoin News

Bitcoin: Federal Reserve cannot tame BTC’s uptrend

Bitcoin experienced some significant losses over the past few weeks, with a more dramatic drop occurring this week after the Fed’s decision was announced. As losses have extended and Bitcoin has entered into the $30,000 zone, concerns regarding BTC being in a bear market have increased.

Read full analysis