The speculative growth in crypto token Shuba Inu (SHIB) is on a decline, according to the weekly volume breakdown of Coinbase for November 19.
SHIB’s market share on the Nasdaq-listed crypto exchange, which was at 6.72 percent, fell to third place behind bitcoin and ether, according to Coinbase Institutional’s weekly email dated Nov. 19.
In the previous two weeks, the self-proclaimed dogecoin killer has topped Coinbase’s volume rankings, adding 16.6% to overall activity on November 11 as compared to 25% on November 5.
According to Coinbase’s weekly newsletters on Nov. 19, the volumes of BTC and ETC are increasing while SHIB is seeing a decline as it stands at third place.
However, SHIB is still ahead of prominent cryptocurrencies like 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 crypto token has remained amongst the top three traded coins from the second week of October.
After bitcoin set new all-time highs above $64,889 in the second half of April, $SHIB acquired a solid offer. On October 28, the meme token hit a new high of $0.00008894, increasing by 830 percent over the previous month.
Many analysts saw SHIB’s rise as a sign of retail over-extension that has often been witnessed at market tops across the world.
In early May, the dog-themed cryptocurrency enjoyed a parabolic run that was followed by a broad sell-off. Bitcoin plummeted from $58,000 to $30,000 in less than a week.
Over the past few weeks, history has repeated itself. Bitcoin saw a decline of $55,666 to reach the five-week low on Nov. 19. Since speculative growth is declining, it is highly likely that the market sees its shift to bitcoin and other top cryptocurrencies.
