Shiba Inu passes Dogecoin as top "dog" in cryptocurrency
ABC News
Cryptocurrency has officially gone to the dogs
SILVER SPRING, Md. -- Cryptocurrency has officially gone to the dogs.
The recent trading frenzy over a digital token called Shiba Inu — commonly billed as a “meme” or joke coin — has vaulted the canine-themed cryptocurrency into the top ten most valuable digital assets by market value, hitting $40 billion and surpassing its cousin and apparent inspiration, Dogecoin.
Shiba was up another 10% at midday on Monday and has doubled in value in the past week. Most of that gain came in a flurry of trading last Wednesday, when it gained a whopping 66%.
Even with its recent meteoric rise — it's up about 900% in the past month — each Shiba coin costs just a tiny fraction of one cent. If you bought $1,000 worth of Shiba in late September, your 20 million coins would now be worth around $9,000.
