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Shiba Inu Slips in Coinbase Volume Rankings After Topping the List for 2 Weeks

Shiba Inu Slips in Coinbase Volume Rankings After Topping the List for 2 Weeks

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Recent speculative excesses in meme token shiba inu (SHIB), which raised issues about the broader market well being, seem like cooling, Coinbase’s quantity breakdown for the week ended Nov. 19 reveals.

SHIB accounted for 6.72% of the complete turnover on the Nasdaq-listed crypto trade, slipping to 3rd place behind bitcoin and ether, Coinbase Institutional’s weekly e-mail dated Nov. 19 reveals.

The self-proclaimed dogecoin killer topped Coinbase’s quantity rankings in the previous two weeks, contributing 16.6% to complete exercise in the seven days to Nov. 11 and 25% in the seven days to Nov. 5.

(*2*) Coinbase institutional mentioned in the weekly publication dated Nov. 19.

That mentioned, SHIB continues to be forward of distinguished cryptocurrencies like programmable blockchains Solana and Polkadot’s SOL and DOT tokens, scaling resolution Polygon’s MATIC cryptocurrency, and decentralized oracle community Chainlink’s native coin LINK.

The retail-dominated token has constantly been one among the high three traded cash since the second week of October.

SHIB picked up a powerful bid in the second half of the final month after bitcoin set new document highs above the April excessive of $64,889. The meme token reached a brand new peak value of $0.00008894 on Oct. 28, ending the month with an 830% achieve.

Many analysts noticed SHIB’s surge as an indication of retail frenzy typically noticed at broader market tops. The dog-themed cryptocurrency’s parabolic run in early May was adopted by a market-wide sell-off, which noticed bitcoin falling from $58,000 to $30,000 inside every week.

History seems to have repeated itself in the previous few weeks. Bitcoin fell to a five-week low of $55,666 on Nov. 19, having failed a number of instances to determine a foothold above the April excessive of $64,889 since mid-October.

With speculative fervor cooling, market consideration might shift again to bitcoin and different main cryptocurrencies. SHIB was buying and selling close to $0.00004530 at press time, representing a 32% month loss. Bitcoin was altering arms close to $59,420 – down 3% for the month.

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