Shiba Inu was one of the best-performing cryptocurrencies a few weeks ago, but it has now slipped in terms of market ranking.
Shiba Inu Slips in Coinbase Volume Rankings
Shiba Inu debuted on the Coinbase cryptocurrency exchange a few weeks ago. Listing on Coinbase usually comes with a lot of frenzies as the demand drives the prices higher. However, SHIB has been performing excellently before then.
SHIB was one of the best-performing coins in recent weeks. Following its massive rally that saw its total market cap touch the $35 billion level, SHIB briefly overtook Dogecoin to become the tenth-largest cryptocurrency by market cap.
However, the frenzy around Shiba Inu has died in recent weeks, with the bear market currently in place. According to the recent reports, SHIB accounted for roughly 6.7% of the total trading volume on Coinbase. This means that Shiba Inu has dropped below Bitcoin and Ether in the volume ranking list.
SHIB previously accounted for the highest trading volume on Coinbase a few weeks ago, contributing 16.6% to total activity in the seven days to November 11 and 25% in the seven days to November 5. The massive whale movement of funds has affected SHIB’s performance in recent weeks.
Shiba Inu is the meme coin designed to kill Dogecoin, but it remains behind DOGE in terms of market cap and trading price.
Is SHIB’s Popularity Fading Away?
The recent dip in SHIB’s trading volume on Coinbase has led to questions about its popularity. Shiba Inu has also lost its place as the eleventh-largest cryptocurrency by market cap after it was overtaken by Avalanche (AVAX) a few hours ago.
SHIB/USD 4-hour chart. Source: FXEMPIRE
At press time, SHIB is trading at $0.0000426 per coin, down by nearly 5% over the past 24 hours. SHIB is currently down by 50% from the all-time high of $0.00008616 it achieved roughly a month ago.
The broader cryptocurrency market is currently in a bearish trend, and it would be interesting to see how SHIB performs once the bull market returns. AMC Theaters announced last week that Shiba Inu is one of the coins it would start accepting as payment options in the first quarter of 2022. NOWPayments also revealed that it had adopted SHIB as a payment method.
Thus, the adoption of Shiba Inu continues to rise despite its price currently on the decline.
This article was originally posted on FX Empire
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