Shiba Inu Slips To 3rd Spot In Coinbase Volume Rankings As 'Retail Meme Coin Mania Cools Offs;' These Are The 2 Cryptos Outdoing it

Coinbase Global Inc COIN said Shiba Inu SHIB/USD volumes on its platform are declining as the “retail meme coin mania cools off.”

What Happened: SHIB has fallen to the third position in terms of volumes and accounts for 6.72% of total turnover for Coinbase, reported CoinDesk citing a weekly email dated Nov.19 from the cryptocurrency trading platform operator.

SHIB contributed 16.6% to total Coinbase activity in the week leading up to Nov. 11 and 25% in the seven days leading up to Nov. 5, as per a  weekly newsletter. In these periods SHIB dominated Coinbase volume and was the top dog.

However, the tables seem to have been turned on the self-described Dogecoin DOGE/USD by Bitcoin BTC/USD and Ethereum Classic ETC/USD.

“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,” as per the newsletter seen by CoinDesk.

See Also: How To Buy Shiba Inu (SHIB)

Why It Matters: SHIB has remained among the top three traded coins since the second week of October, noted CoinDesk.

SHIB has soared 439.12% in the last 90 days, outpacing the 17.20% gains of BTC and 29.14% decline seen in DOGE.

In late October, SHIB touched an all-time high of $0.00008845 and has lost a little more than 50% of its value since. 

The 24-hour trading volumes in SHIB fell 25.45% to nearly $1.7 billion, as per CoinMarketCap data.

Analysts viewed SHIB’s rise as an indicator of retail frenzy observed at market tops drawing a parallel between the DOGE frenzy seen in May when the latter coin reached an all-time high of $0.74.

As the froth surrounding the dog-themed meme coins settled, it was seen that Bitcoin bore the brunt. It fell from $58,000 to $30,000 in a week’s time after the DOGE hype. The apex coin fell to $56,666 last week after the SHIB fervor died down.

Read Next: Avalanche May Be Battling Dogecoin And Shiba Inu Over Market Cap But Its Real Pickle Is With Ethereum