The volume distribution report of the Coinbase exchange for the week ending November 19 reveals the cooling of Shiba Inu investments and the decrease in buy-sell transactions. However, SHIB is still ahead of many large-volume altcoin projects. Here are the details…
According to Coinbase report, SHIB can stay in third place despite cooling
According to Coinbase Institutional’s November 19 weekly report, SHIB is 6% of the total turnover on the Nasdaq-listed crypto exchange. It fell to third place after Bitcoin and Ethereum, making up 72. Shiba, also known as the Dogecoin killer, topped Coinbase’s volume rankings in the previous two weeks, contributing 16.6% to total activity in the seven days up to November 11 and 25% to total activity in the seven days through November 5.
However, SHIB is still ahead of leading cryptocurrencies such as Solana and Polkadot, scaling solution Polygon, and decentralized oracle network Chainlink’s native crypto LINK. The individual investor-heavy token has consistently been one of the three most traded cryptocurrencies since the second week of October. Coinbase shares the following table in its weekly report dated November 19:
Cryptocoin. com SHIB, which we quoted in our analysis, caught a strong investor base in the second half of last month after Bitcoin broke new records above $64,889 in its April peak. The meme token hit a new ATH of $0.00008894 on October 28 and ended the month with a gain of 830%. Many analysts interpret the increase in SHIB as a sign of the individual investor frenzy often observed at the broader market tops. The dog-themed cryptocurrency’s parabolic run in early May was followed by a market-wide sell-off that saw Bitcoin drop from $58,000 to $30,000 in one week.